Conan O'Brien set to exit 'Tonight Show'

$30-$40 million deal expected to be sealed this weekend

By MICHAEL SCHNEIDER

CoCo will go go.

Just seven months after inheriting the "Tonight Show," Conan O’Brien -- faced with a timeslot demotion -- is close to finalizing his exit from NBC.

O’Brien’s short tenure as host of the storied late-night franchise is expected to conclude next Friday. That means Jay Leno will regain the reins of "The Tonight Show," moving back to the 11:35 p.m. timeslot effective March 1 -- the night after the Winter Olympics concludes.

O’Brien’s exit from NBC was being hammered out Friday, after days of negotiations and plenty of press speculation.

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