it wasn't Leno's decision. I honestly think it has something to do with Comcast buying NBC.
This likely has nothing to do with Comcast. Do you think they want all the negative PR the network has received over the past two weeks? Hell, the in-fighting has gotten so bad, Conan openly mocked the eventual failure that Dick Ebersol's (NBC's Sports guy) Olympics will be. If I'm a corporation investing billions of dollars into a new investment, I wouldn't be happy.
Leno went public as early as last November saying if NBC offered him the Tonight Show back, he'd take it.
Leno's ratings at 10pm sucked big time. That format does not work at that timeslot, five nights a week. NBC affiliates around the nation were PISSED OFF because the bad ratings hurt their profits and hurt the local news shows.
Conan's ratings as Tonight Show host were not great by any means. Letterman was beating him (something he did not do often to Leno). However, Conan was doing better than Letterman with younger demos. It got so bad during the summer that Letterman reruns were beating first run Conan shows.
The argument against Leno says that Conan never got a solid lead in to help him in the first place. All the years that Leno did superb (ratings wise), he had the benefit of the great NBC shows. Conan had a failed Leno experiment.
So, with Affiliates pissed off and overall ratings going down the toilet, NBC decided to cancel Leno's show before affiliates went public with their displeasure. They didn't want Leno to go and wanted Leno back at 11:35 with Conan's Tonight Show starting after midnight.
Conan, realizing the shit NBC was doing, said no fucking way and here we are.
It's going to be Leno with the Tonight Show again at 11:35, Fallon and Carson Daly with Conan off to a new network.
Meanwhile, most comedians have taken Conan's side in all this with the belief that Leno is useless in the role because he doesn't try to do anything more than he has since he got the show originally in the early 90s. He does his shtick and that's what he does. Plus, everyone senses Leno was never sincere about handing over the show in the first place and always intended to weasel his way back into it. Whether that's true, only Leno knows.
Me, I like Conan. He's funny to me. Leno is a tired act.
At the end of the day, NBC is to blame for all this. Leno never wanted to leave in the first place but they did not want to lose Conan. Five years later, they're losing him anyway. As it turns out, they could have saved a lot of money by just letting him walk instead of forcing Jay out and all this mess.