Tax breaks will keep Colbert at the Ed Sullivan Theater

Incentives include a $5M grant from Empire State Development to renovate theater

New York /
Jul.July 24, 2014 08:00 AM

CBS’s “The Late Show” will stay in New York City once Stephen Colbert takes the reins from David Letterman — thanks in part to tax credits and other financial inducements.

The package of incentives includes a $5 million grant to offset the cost of renovating the theater at 1697-1699 Broadway, the New York Daily News reported. New York is making the grant available through the Empire State Development Corporation, the state’s primary economic development agency, according to the newspaper.

CBS will also be eligible for $11 million in tax credits over five years through the Excelsior Jobs Program, an initiative that offers incentives for creating jobs and making investments in New York state. CBS will keep about 200 jobs in the city, Capital New York reported. A number of New York City-based companies such as Vice and Etsy have taken advantage of the Excelsior program to lease additional space or rent out new offices as they grow. [Capital NY] and [NYDN] — Tom DiChristopher


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Barstool Sports founder Dave Portnoy (Getty)
Barstool Sports’ Dave Portnoy bought a Hamptons beach house
Barstool Sports’ Dave Portnoy bought a Hamptons beach house
1 Central Park West and Andrew Napolitano with Donald Trump (Trump Org, Getty, iStock)
Judge Andrew Napolitano ditches Trump condo after Fox News ouster
Judge Andrew Napolitano ditches Trump condo after Fox News ouster
Cheryl McKissack Daniel, chief executive officer, McKissack & McKissack (McKissack, Wikipedia/ViacomCBS, iStock/Illustration by Steven Dilakian for The Real Deal)
Paramount+ debuting drama inspired by NYC construction boss
Paramount+ debuting drama inspired by NYC construction boss
Alex Rodriguez - businessman, philanthropist and former professional baseball player - in front of the Beresford (Getty Images, Wikipedia/David Shankbone, Illustration by Steven Dilakian for The Real Deal)
A-Rod’s $10M co-op deal approved after “tantrum”
A-Rod’s $10M co-op deal approved after “tantrum”
Justin Timberlake - celebrity singer, songwriter, producer and actor - in front of 443 Greenwich (Wikipedia/Gage Skidmore, Compass, iStock/Illustration by Steven Dilakian for The Real Deal)
Justin Timberlake says “Bye Bye Bye” to 443 Greenwich
Justin Timberlake says “Bye Bye Bye” to 443 Greenwich
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...