Four months after taking back the "Tonight Show," Leno's ratings are actually behind those of Conan O'Brien.
The reality is starting to sink in at NBC that Leno is not only getting fewer viewers, but that his show is costing the cash-strapped network between $10 million and $15 million more a year than Conan's show did.
Leno's higher salary -- $30 million per year vs. Conan's $15 million -- plus the cost of his bigger production staff is pushing the show into the red, according to insiders.
"It's got the potential to be a huge embarrassment," says the source.
NBC is about to be taken over in a $28-billion deal with the cable giant Comcast.
"You can't figure they're happy about this," says the insider.
Leno has at least two more years to go on his NBC deal.
But, as Leno himself joked at the height of the late-night mess last January, "NBC stands for 'Never Believe your Contract.' "
Jay getting lower ratings than Conan
Poor Jay. Awww....