Summary
- CBS has canceled The Late Show, marking the network’s full exit from late-night television after more than three decades
- The decision is officially attributed to financial challenges, despite the show’s strong ratings and cultural impact
- The move comes amid Paramount’s pending merger with Skydance Media, raising questions about future editorial direction under new leadership
CBS has officially announced the end of The Late Show With Stephen Colbert, with the final episode set to air in May 2026. The move comes as a major shake-up in the network television space, and marks CBS’s full departure from the traditional late-night talk show format.
The decision, according to CBS, is a “purely financial” one — citing a challenging late-night market and declining ad revenue that’s made the show unprofitable. And while late-night costs have always been high, this announcement is especially surprising given that The Late Show has consistently led its time slot, holding the top spot in ratings among all late-night programming.
Colbert broke the news himself to a stunned studio audience during a taping, revealing he was informed of the cancellation just the night before. The reaction from the crowd was immediate — audible boos filled the room — as Colbert thanked CBS and the viewers before making it clear: “I’m not being replaced. This is all just going away.”
The announcement has already raised eyebrows across both media and political circles. It comes just weeks after CBS’s parent company, Paramount, reached a $16 million settlement in a lawsuit involving former President Donald Trump. Colbert, who has frequently commented on Trump during his shows, addressed the settlement on air, referring to it as a “big fat bribe.” Given the timing of the cancellation, some observers — including Senators Adam Schiff and Elizabeth Warren — have questioned whether external pressure may have influenced the network’s decision.
Senator Schiff stated via X,
“If Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better.”
CBS, however, maintains that the cancellation was strictly financial, citing rising production costs and declining ad revenue.
Adding to the speculation is Paramount’s pending merger with Skydance Media. Skydance CEO David Ellison is reported to have shown interest in the politics of former President Trump, prompting quiet concerns about how new leadership might respond to the kind of sharp political commentary Colbert and others.
For CBS, the move marks the end of a significant chapter. The Late Show franchise began with David Letterman in 1993 and continued with Colbert’s takeover in 2015. Under Colbert, the show consistently lead in late-night ratings. Still, high production costs and changing viewer habits ultimately outweighed its success in a media landscape increasingly focused on budget and digital-first strategy.
CBS had already begun winding down its late-night presence, axing The Late Late Show with James Corden in 2023 and replacing it with the lower-budget After Midnight, which also quietly ended earlier this year.
With Colbert’s exit, it’s not just the end of a show — it’s the end of an era. And with CBS walking away entirely, it’s a clear sign that the traditional model of network late night is fading faster than anyone expected.
Take a look at Colbert’s official announcement above.
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