CBS has canceled "The Late Show With Stephen Colbert," marking the end of the beloved late-night franchise that has entertained audiences for over three decades.

Host Stephen Colbert broke the news to his studio audience during a live taping at New York's Ed Sullivan Theater, revealing he had only learned of the decision the night before.

"Next year will be our last season. The network will be ending The Late Show in May," he told viewers, who responded with audible boos and groans. The 61-year-old comedian added that he would not be replaced, stating, "This is all just going away."

The cancellation comes just three days after Colbert publicly criticized CBS's parent company, Paramount Global, for its $16 million settlement with President Donald Trump. The settlement resolved a lawsuit the Republican lawmaker filed alleging that CBS News' "60 Minutes" deceptively edited an interview with Democratic presidential candidate Kamala Harris during the 2024 election.

During his Monday monologue, Colbert called the deal "a big fat bribe," referencing Paramount's pending $8 billion merger with Skydance Media, which requires Trump administration approval.

CBS executives maintained in a statement that the cancellation was "purely a financial decision against a challenging backdrop in late night" and emphasized it was "not related in any way to the show's performance, content, or other matters happening at Paramount." However, sources indicate the show was losing between $40 million and $50 million annually despite being the most-watched late-night program on broadcast television.

Despite the controversy surrounding its cancellation, "The Late Show With Stephen Colbert" remained the top-rated program in its time slot, averaging 2.42 million viewers in the second quarter of 2025 and being the only late-night show to increase viewership this year. The program also received an Emmy nomination for Outstanding Talk Series this week.

The end of Colbert's show represents a broader decline in late-night television, as advertising revenue for the genre has plummeted from $439 million in 2018 to just $220 million in 2024. The cancellation marks not only the end of Colbert's run but the retirement of "The Late Show" franchise entirely, which began with David Letterman in 1993.

Trump, who has been a frequent target of Colbert's political commentary, celebrated the cancellation on his Truth Social platform. The show will continue airing new episodes through May 2026, giving audiences nearly a year of remaining content before the curtain falls on this iconic late-night institution.

Tags
The Late Show With Stephen Colbert, Stephen Colbert, CBS, Show