A month after Colbert announced that The Late Show will be ending after 10 seasons as its host, reports emerged that it had been losing $40 million annually. During a recent interview with Variety, Kimmel, 47, shut down those claims, calling them “beyond nonsensical.”

Kimmel, 57, made the remarks in an interview with Variety on Monday, weeks after Paramount announced the Late Show would be ending in May.

Kimmel defended Colbert against financial loss allegations, arguing media reports ignore hundreds of millions in affiliate fees when analyzing late-night show budgets.