CBS Corp. is eligible to receive at least $16 million in tax credits and grants from the state of New York for its commitment to keep “The Late Show With Stephen Colbert” at the Ed Sullivan Theater in Manhattan.

CBS can seek at least $11 million in tax credits over five years to cover certain expenses and may receive as much as a $5 million grant to defray costs to renovate the theater, the state and New York-based CBS said today in a statement.

The giveaway highlights the value the state puts on the entertainment industry and the jobs it brings. New York provided about $466 million last year in subsidies to the entertainment industry, according to the statement. The deal includes a commitment by CBS for about 200 jobs year-round to support the program, which will replace “The Late Show With David Letterman” next year.

“New York has long been an international entertainment leader, and with this commitment from CBS we are beginning the next chapter in that proud history,” Governor Andrew Cuomo, a Democrat, said in the statement.