'Tonight' Show's Move To NYC Will Save NBC $20 Million In Tax Credits
NBC/"Late Show"
For starters, "Tonight" will be moved from its longtime home in Burbank to Fallon's home at 30 Rockefeller Plaza in New York City.
And while the late-night show will cost more to produce on the east coast, NBC will actually save money in the long run thanks to New York's tax breaks.
The Hollywood Reporter analyzed the situation, explaining:
New York's state incentives program was amended this year to provide a 30 percent annual
A knowledgeable source says the cost to produce 'Tonight' in Burbank is about $1.7 million a week. For a show in production 45 weeks a year, the total cost is about $76.5 million annually. (Not including salaries.)
Using the $76.5 million production budget, a 30 percent credit would then yield $22.95 million in savings.
Despite "Tonight" costing more to shoot in New York, "the increase will be more than offset by the tax credit" — which, according to THR, "is key because network sources say 'Tonight' now generates just $30 million to $40 million a year in profit — a far cry from the $150 million a year the franchise once made."
"Tonight" will also reportedly be eligible for the "Made in New York" marketing credit that provides free advertising on NYC bus shelters, subway cards and on taxi
NBC declined to comment on THR's financial analysis.
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