NBC has said its set is too small to accommodate the photographers and it will release a photo of its own afterward for the media to use.
The White House compromised Wednesday evening, saying photographers would be allowed to take pictures during a commercial break.
Photographers argued for the right to independently document the taping, a rare - and perhaps unprecedented - appearance by a sitting president on a late-night comedy show and an event billed primarily as a news event, not entertainment.
The three news agencies with photographers in the pool, The Associated Press, Reuters and Agence France-Presse, have in the past refused to distribute some White House-provided photos of Obama.
Obama is doing the show as part of a two-day trip to California to highlight his economic message.
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