NBC says it's a deal. Conan O'Brien is leaving The Tonight Show, and Jay Leno returns to late-night.
O'Brien isn't leaving empty-handed. The red-haired comic gets thirty-three million dollars and his staff gets twelve million in severance.
Under the agreement, Conan can have his own show on another network as soon as September.
The Tonight Show lost viewers after O'Brien took over from Leno, who was a ratings leader. Then, NBC canceled Leno's show at 10pm/9c due to poor ratings.
NBC wanted to move Leno back to 11:35pm/10:35c for a half-hour and have O'Brien follow 12:05am/11:05c. Conan said no way. Now, the speculation is where he goes next.
More on this story as it develops.