James Corden is closing in a new CBS Late Late Show deal that would give a "significant raise"

Variety

Corden launched The Late Late Show in March 2015 and his five-year is deal is expiring at the end of the 2019-20 season. "Corden came in on the low end of the late-night TV pay scale as he was a largely unknown personality from the U.K. at the time," reports Variety. "He was believed to have started out at around $4 million-$5 million a year but his Late Late Show salary has climbed since then with the success of the show. Late Late Show has earned Emmy nominations for talk-variety show for the past three years." Variety adds that keeping Corden's Late Late Show, which has found success with viral videos like "Carpool Karaoke," is essential for CBS' late-night stability since Stephen Colbert's Late Show has ascended to No. 1 in late-night. Corden has also been important to CBS outside of The Late Late Show, having hosted reality show The World's Best, the Grammys twice and the Tony Awards once. He's set to host the Tonys again on June 9.