Expectations for Conan O'Brien were sky high when he first took his act to TBS.
But the latest report shows that Conan has slowly slipped to behind Chelsea Handler in the talk show ratings battle.
In fact, Nielsen ratings for June show that 'Chelsea Lately' is edging out 'Conan' for third place.
'Chelsea Lately' averaged 808,000 viewers while 'Conan' averaged just 743,000 total viewers.
Somewhat more surprising, Handler also beat out Conan in the key advertisers demographic of 18 to 49 years old, drawing 559,000 to O'Brien's 503,000 viewers.
Before Conan's debut, TBS was asking for ad rates that were on par with the big broadcast networks. You can bet those prices have undergone a significant revision since then.