Loving Raymond

Worldwide Pants has produced several other shows, including “Ed” and “Bonnie,” the most successful being “Everybody Loves Raymond,” which it co-owns with HBO and CBS. The show was once one of the 10 most-watched TV series in the U.S. It’s been licensed again and again; a 2005 deal with Time Warner Inc.’s TBS netted around $650,000 an episode -- which added up, considering there are 210 episodes.

But the owners have already extracted most of the value from the hit, as shows command less money the longer they’re in syndication. “Raymond” has ceded its place in culture to “The Big Bang Theory” and “The Office,” both of which TBS also licensed. And Worldwide Pants hasn’t been as active in producing sitcoms recently, with Burnett and Letterman focusing instead on the “Late Show.”

It’s easier to map out how much revenue a sitcom will generate in syndication than a talk show that has few predecessors and isn’t popular overseas.

Active Half-Life

“The Letterman show doesn’t have the same kind of value that syndicated hits have,” said Seth Willenson, a former executive at RCA and New Line Cinema Corp. “There’s a very active half-life on variety shows. Clips would generate more revenue, but I don’t think it would be revolutionary.”

The volume and breadth of those clips will make the library valuable, Burnett said. It’s not justLetterman riffing on current events, but years of stand-up and other cultural memorabilia. They have a future on YouTube or Yahoo, in documentaries and any number of other landing spots, he said.

Burnett, who started working with Letterman 29 years ago as an intern, said he isn’t interested in overseeing a library business. The former head writer of the “Late Show” is editing a movie he wrote, produced and directed, an adaptation of the novel “The Revised Fundamentals of Caregiving,” which stars Paul Rudd and Selena Gomez.

He wants to spend more time on his own creative endeavors and less time managing other people’s projects, he said. Letterman has said he wants to let his 11-year-old son dictate his schedule.

The company may need to hire someone, Burnett said.