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Stephen Colbert signs off after 11 years tonight. CBS cites finances, but the Late Show host blames Trump

May 21, 2026
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Stephen Colbert signs off after 11 years tonight. CBS cites finances, but the Late Show host blames Trump

Lord of the Rings and Neutral Milk Hotel enthusiast Stephen Colbert will host The Late Show for the final time tonight, ending an 11-year run at CBS after the network canceled the show for what it said were “purely financial” reasons. But many—including Colbert—believe the cancellation came at the behest of President Trump, a frequent target of the comedian’s jokes and ridicule.

The top-rated late-night show was informed of its fate last summer, shortly after CBS parent company Paramount settled a $20 billion lawsuit with Trump over its editing of a 60 Minutes interview with then-Democratic presidential candidate Kamala Harris. Colbert called the settlement a “big fat bribe.” Not long after, the FCC approved the Paramount-Skydance merger.

The future of late night: Network TV viewership has been down for everyone in the last decade, as younger audiences gravitate away from appointment TV viewing and toward online clips—something that networks have a hard time monetizing.

What’s next for Colbert? He is scripting a Lord of the Rings film for Warner Bros., a dream project for the longtime Tolkien nerd. He said he has no plans to get into politics, despite a mild endorsement from former President Barack Obama.

What’s next for the time slot? Starting tomorrow, CBS will air Comics Unleashed, a syndicated talk show hosted by businessman Byron Allen.—DL

This report was originally published by Morning Brew.

The post Stephen Colbert signs off after 11 years tonight. CBS cites finances, but the Late Show host blames Trump appeared first on Fortune.

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