CBS Cancels Stephen Colbert’s "The Late Show," Citing Financial Reasons

 

CBS has announced it will end The Late Show with Stephen Colbert in May 2026, concluding the most-watched late-night program on U.S. broadcast television. The network said the decision is purely financial and not related to the show’s performance, content, or ongoing events at parent company Paramount Global. Colbert, 61, informed his audience of the news on Thursday, revealing he had been told only the night before. “I share your feelings,” he said, responding to audience boos. He emphasized he is not being replaced and that the show is being entirely retired. Colbert will continue hosting until the end of the 2025–2026 season. Originally launched in 1993 with David Letterman, The Late Show saw Colbert take over in 2015 following his success on The Daily Show and The Colbert Report. The show has consistently led late-night ratings, averaging 2.5 million viewers during the most recent season, outperforming Jimmy Kimmel Live and The Tonight Show Starring Jimmy Fallon. Paramount Global is currently seeking approval for an $8.4 billion merger with Skydance Media and recently settled a lawsuit filed by Donald Trump over a 2023 60 Minutes interview. Colbert has been an outspoken critic of Trump, recently referring to Paramount’s settlement as a “big fat bribe.” The cancellation has sparked speculation about political motivations. Democratic Senators Adam Schiff and Elizabeth Warren both questioned whether Colbert’s political commentary played a role. Schiff said the public “deserves to know” if politics influenced the decision. CBS executives stressed the move was driven by the economic challenges facing traditional late-night television. CBS had already canceled its follow-up show After Midnight in March, citing similar concerns. Colbert thanked his team and audience, calling the role “a fantastic job” he’s proud to keep for the next 10 months.

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