When Confidence Meets Reality

President Donald Trump made history as the first sitting president to host the Kennedy Center Honors. He also made predictions. Big ones. The 48th annual awards ceremony, taped on December 7th and aired on December 23rd on CBS and Paramount+, was going to be massive, Trump told reporters.

"This will be the highest rated show that they've ever done," he predicted before the taping.

On Truth Social, he doubled down with characteristic flair: "Tell me what you think of my 'Master of Ceremony' abilities. If really good, would you like me to leave the Presidency in order to make 'hosting' a full time job?"

The results? Not quite what he envisioned. Nielsen data showed the Paramount Skydance (PSKY) broadcast pulled in 3.01 million live and same-day viewers. That's the lowest ratings in the show's entire history and a 26% drop from the previous year.

Taking Shots at the Wrong Target

In the lead-up to the event, Trump had some thoughts about other award show hosts. Specifically, Jimmy Kimmel.

"I've watched some of the people that host. Jimmy Kimmel was horrible, and some of these people, if I can't beat out Jimmy Kimmel in terms of talent, then I don't think I should be president," Trump told reporters.

There's just one small problem with that comparison: Kimmel has never actually hosted the Kennedy Center Honors. But why let details get in the way of a good setup?

The annual awards celebrate contributions to the performing arts, with friends and peers performing tributes to the honorees. This year's recipients were KISS, George Strait, Sylvester Stallone, Gloria Gaynor, and Michael Crawford.

Bad Timing All Around

The record-low viewership arrives at an awkward moment. Trump recently announced he was renaming the venue as The Donald J. Trump and The John F. Kennedy Memorial Center for Performing Arts. That decision hasn't gone over well with everyone—several scheduled acts have cancelled their appearances at the performing arts center in protest.

The timing is also notable because 2025 marks Paramount Skydance's final year holding broadcast rights to the event. Normally, record-low ratings would make rights negotiations pretty straightforward (read: cheap). But according to The Hollywood Reporter, this situation is anything but normal.

The Trump Factor Changes Everything

"The show will be another opportunity for a media company to do a deal with Trump, and there is no shortage of companies that could be willing to engage," the outlet reports.

Translation: Poor ratings might not matter when securing broadcast rights doubles as relationship-building with the administration. Paramount Skydance could renew, but other players might jump in. Netflix Inc. (NFLX) already streams The Mark Twain Prize for American Humor from the Kennedy Center, so adding the Honors would be a natural fit.

Then there's the broader strategic picture. Netflix is currently working on a deal to acquire Warner Bros. Discovery (WBD), which needs Trump administration approval. According to the report, that pending deal could factor into negotiations for the Kennedy Center Honors broadcast rights.

So while Trump's hosting debut didn't deliver the ratings he promised, it may have created something more valuable for media companies: an opportunity to curry favor at a time when regulatory approval matters more than ever.