re: What Happened to The Late Show with David Letterman?

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How so? (I don't know the history)

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NBC signed him to a contract that guaranteed Leno "The Tonight Show." When Carson left, Dave (who had been warring with NBC anyway), suddenly decided he wanted the gig. He got pissy when Jay contractually took over and was talked into courting other networks. NBC wanted to keep Letterman so badly that they began behind-the-scenes talks to oust Leno (who was doing well ratings-wise, following the network notes and suggestions, and performing a marathon of affiliate promos). NBC even came right out and told Jay that they didn't know whether he'd still be around in a year--basically relegating him to a lame duck. When it became obvious that NBC was unable to get out of Leno's contract and sign Letterman, Letterman bolted for CBS.

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What's Conan doing now?

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Failing on TBS.