James Corden has quit The Late Late Show after seven years and is moving back to the UK with his family.
The star was reported to be the top choice for bosses of the popular series, and they were desperate to keep him, writes the Mirror, even willing to pay him £15 million to stay at the forefront of the show for another two years.
But the Gavin and Stacey co-creator has turned down the multimillion offer and announced the news in a statement during a taping of the show on Thursday.
Although his contract was set to end in August, the star revealed he will stay until next spring.
Speaking on the show while tearing up, he said: "When I started this journey it was always going to be just that, it was going to be a journey, an adventure.
"I never saw it as my final destination, and I never want this show to overstay it’s welcome. I always want to love making it. I really think in a year from now that will be a good time to move on to see what else is out there.
"We are all determined to make this the best year we have ever had. We are going to go out with a bang."
He continued to say it was "one of the hardest decisions," and added: "There’ll be tears, so many tears, ‘cuz this has been the hardest decision I’ve ever had to make. I never took this for granted, ever."
CBS president George Cheeks said in a statement: "We wish he could stay longer, but we are very proud he made CBS his American home and that this partnership will extend one more season on The Late Late Show."
A source close to the presenter told The Sun : "James and Jules have had barely any time to see their families in the UK over the past few years due to his work schedule.
"Their plan is to try to spend more time in the UK once he finishes The Late Late Show next year."
James, 43, would have been the highest paid British TV personality if he'd taken the new deal, and would have put him ahead of Ant and Dec for impressive paychecks.
At the time a source told The Sun: "CBS has no plan B, James is their guy and who they see staying with them.
"He is one of the faces of the network, he fronts a massively successful show and drives lots of traffic to them online. The figures that are being discussed are around £15m for two years.
"That may sound a lot, but James brings so much to the table for CBS. Unlike his rivals, his online segments, including Carpool Karaoke and Crosswalk Musical, are huge global web hits, making huge revenues on top."
CBS Entertainment President Kelly Kahl told Deadline: "We love James and he is and has been doing a terrific job. We don’t comment on the status of negotiations."
There were rumours the dad-of-two wanted to move home after he became homesick when the coronavirus restrictions made it difficult for him to travel between the UK and the US.
Family man James raises kids Max, Carey, and Charlotte, with his wife Julia Carey, and admitted that his family have: "walked to the beat of my drum for a very long time".
At the time of the rumours The Sun quoted James saying: "I have a couple of years to go on this contract. Ending the show will always be a bigger family decision than a professional one.
"It will be about people at home who we miss very, very much, who we are homesick for.
"I also feel like my wife and I have three young children, and they are three young grandchildren that we’ve taken away from people.
"This probably feels particularly magnified now during the pandemic, but I have an overwhelming feeling that our family has walked to the beat of my drum for a very long time."
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