CBS has cancelled The Late Show With Stephen ColbertOpens in a new tab. It’s not replacing him as host, either. The long running series, which began with David Letterman in 1993, will end for good in May 2026. The network said this a “financial decision,” despite the show frequently finishing first in late night showsOpens in a new tab. Coincidentally, this “financial decision” came just days after Stephen Colbert skewered CBS’ parent company Paramount Global for what he called a “big fat bribe” to President Donald Trump.
The Late Show is done. In a statement we first saw at VarietyOpens in a new tab, CBS provided a statement citing the official reason for ending the show permanently.
We consider Stephen Colbert irreplaceable and will retire The Late Show franchise in May of 2026. We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television. This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount.
Colbert also addressed the cancellation with his audience.
It is undoubtedly true that costly late night talk shows have been in a precarious position for a long time. The format does not have the reach it once did as more and more young viewers only watch the shows through online clips. It’s not a surprise any of them are on the cutting block. But a cancellation like this, out of nowhere in the middle of the week in July, is a surprise. Maybe.
Colbert has not exactly been shy about making his political feelings known on the show. Recently he took direct aim at his own bosses on their network. He described the recent $16 million dollar settlement CBS’s parent company Paramount made with Donald TrumpOpens in a new tab over a 60 Minutes story a “big fat bribe” intended to ensure Paramount’s sale to Skydance Media, which needs Trump’s approval. Legal experts called Trump’s lawsuit “frivolous.Opens in a new tab“
As Variety‘s Brian Steinberg also beautifully noted, Skydance CEO David Ellison “has projected an image of being intrigued by the politics espoused by President Donald Trump.” Trump has also publicly praised EllisonOpens in a new tab and his pending purchase.
Maybe this is all one big coincidence and Colbert’s talk about a “bribe” has nothing to do with this decision. Or maybe his comments simply sped up the inevitable fate for a dying format. No one really knows for sure except for the highly paid executives and CEOs who made this decision. The circumstances around this might not past the smell test (especially considering the current state of the world). But it’s not hard proof of impropriety, either.
If you’re wondering what Stephen Colbert’s fellow Paramount employee and talk show host Jon Stewart thinks of all this, we will give him the de facto last word. He called Paramount’s deal a “shameful settlement” even before Colbert commented on it. And just this week he said he’s also unsure if The Daily ShowOpens in a new tab—-the freaking Daily Show—has a future at Comedy Central.
Maybe that’s just a coincidence, too.
