Jay Leno makes new deal with NBC for prime-time show

Newsday (MCT) - Jay stays.

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NBC will announce this morning that the longtime host of "The Tonight Show" will remain at the network as host of a weeknight 10 p.m. show.

And just like that, television has changed, and changed dramatically. Not only would such a show become a first _ a "stripped," or once-a-night, show at 10 p.m. _ but it also upends the late-night landscape.

Jay Leno, who will step down from "The Tonight Show" on May 29 next year, was widely expected to join ABC in 2010, where he'd challenge "Late Show with David Letterman" and (of course) "Tonight Show With Conan O'Brien."

By keeping Leno in the fold, NBC just bought itself a double-barreled insurance policy. If O'Brien stumbles, then Leno (conceivably) could even return to "Tonight."

Given Leno's audience pull at 11:35, the Jay-to-Stay deal is coup for a network desperately in need of one. NBC has weathered a miserable fall, a recent corporate suite putsch, and speculation about its future. At a UBS Global Media conference Monday, NBC Universal chief executive Jeff Zucker, said, "Can we continue to broadcast 22 hours in prime time? Three of our competitors don't. Can we continue to broadcast seven days a week? One of our competitors doesn't."

But a future without Leno was increasingly unthinkable. "NBC couldn't allow Jay to go to another network _ most likely ABC _ because in their heart of hearts, they assumed that just what happened with Letterman, would happen to them _ that the ratings with Conan were not going to be the ratings Jay had _ especially if they find themselves in a three-network talk show race at 11:30," said one industry observer Monday night.

"Also, this is almost free (for NBC). The hours that they have to program (a 10 p.m. drama) could cost them minimally $100 million (a year); that's $100 million you don't (now) have to pay in license fees. Then, if you don't have to develop, you're probably going to cut your development costs. I would say conservatively (the total) would be $150 million (in savings). It's not going to cost them $150 million for Jay."

Another industry executive said, "If Conan does fail miserably, it opens up Jay to come back (at 11:30). But maybe he kicks butt at 10 and doesn't want to come back. But the big discussion is, how will he do at 10? Will it be a late night show at 10? I'd argue it's not a late night show anymore. He'll do the monologue and the 'Jay Walking' but I'm not sure how much more it can be like ('Tonight'). Plus, the guests will want to do the earlier show. If I was Conan, I'd be furious."

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So, why didn't Leno take this deal months ago, when it was first (as widely believed) offered? (And indeed, the idea of a Leno 10 p.m. show was first hatched over 15 years ago, per one source).

In part, says this executive, because of the deteriorating network prime-time picture _ declining at ABC at 10 p.m., just as its crashed and already burned at NBC. "And knowing the man, I think he was holding out hope that he would still get (back) 'The Tonight Show' and holding out because the ratings (for his show) have been strong while Conan's (on 'Late Night') have gone down. I'm sure the idea was floated earlier and he didn't accept it."

Leno could not be reached for comment.

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© 2008, Newsday.