In a bombshell announcement, CBS has revealed plans to terminate "The Late Show with Stephen Colbert" in the coming year, signaling an apparent retreat from the late-night television arena altogether. Citing financial constraints, the network has decreed that the axe will fall in May 2026, coinciding with the traditional conclusion of the broadcast season. The move is particularly astonishing given that "The Late Show" consistently ranks atop the late-night ratings. The timing of this revelation, mere fortnight after CBS's parent company, Paramount, resolved a lawsuit filed by President Trump against CBS News, cannot help but stir up suspicions.
The settlement – coupled with Paramount's impending merger with Skydance Media – has sparked rampant conjecture regarding Colbert's future with CBS. After all, Colbert stands as one of Trump's fiercest television critics. Upon his return from vacation Monday night, Colbert obliquely referenced the online uproar over his fate. He denounced the Paramount settlement on air, likening it to a "juicy, hefty bribe," and quipped that his newly grown mustache would shield him from corporate meddling: "Alright, alright, but how will they exert pressure on Stephen Colbert… if they can't even track him down?"
However, CBS issued a statement clarifying, "This is solely a financial decision made amidst challenging circumstances in late-night television. It bears no relation whatsoever to the show's performance, content, or other developments at Paramount." The financial pressures facing the corporation are undeniable; just last month, Paramount shed another 3.5% of its workforce. With advertising revenue plummeting, sources close to the network assert that "The Late Show" has ceased being profitable.
Nonetheless, the Colbert news sent shockwaves through the TV landscape, as evidenced by the heart-wrenching reactions from fans on the show's Instagram page. One of the most-liked comments lamented, "This is insane." Colbert broke the news during his taping on Thursday evening, giving no hint that it was a decision of his own making. On the contrary, he revealed that he had learned of the network's decision only "last night."
"Next year will mark our final season," Colbert announced, as audible groans echoed through the studio audience. "The network will conclude our show in May," he continued. "It's the end of 'The Late Show' on CBS," he added, further stating, "All of this is just fading away." Some observers swiftly raised eyebrows over Paramount's motives, including Democratic Senator Adam Schiff, who happened to be Colbert's guest that very Thursday.
"Having just concluded taping with Stephen Colbert, who broke the news about his show's cancellation," Schiff penned on X, "if indeed Paramount and CBS have terminated 'The Late Show' due to political motivations, the public is entitled to know. They deserve transparency and so much more."
Colbert, on his part, expressed, "I must express my profound gratitude towards the wonderful team at CBS. I am deeply thankful to the Tiffany network for bestowing upon me this coveted seat and this splendid theater, which has become my second home. And of course, my heartfelt thanks extend to all of you, our loyal audience, who have accompanied us night after night, whether here, there, or across the globe."
The 'The Late Show' franchise has stood as a pillar in CBS's programming for more than three decades. Its founder, David Letterman, cultivated the show into a cherished institution in the 1990s with his iconic Top Ten lists and the whimsical segment, 'Stupid Human Tricks.' In 2015, he passed the torch to Colbert, who injected new vigor into the timeslot with his incisive political humor.
Colbert's ties with the entity now known as Paramount run deep: he enjoyed a celebrated run at 'The Daily Show' on Comedy Central, a channel owned by the company, first as a writer and correspondent, and subsequently spearheading the satirical spin-off, 'The Colbert Report.'
The election of Donald Trump in 2016 marked a pivotal turn for Colbert's iteration of "The Late Show." Emerging from the late-night comedy clutter, Colbert's scathing critiques of Trump ignited a fervent viewer response, securing for CBS its most significant late-night ratings triumph in two decades. Throughout Trump's second term, Colbert has remained an unwavering and expressive critic, even as his show's parent company attempted to negotiate a settlement to terminate Trump's frivolous lawsuit against CBS News, which legal analysts have consistently deemed devoid of merit.
The impending conclusion of Colbert's program inevitably stirs apprehensions about his buddy and producing partner, Jon Stewart, who presides over the weekly edition of "The Daily Show." In his on-air pronouncement on Thursday, Colbert acknowledged the show's demise as a formidable broadcast platform for comics rather than a mere continuation. "I wish it were being handed over to someone else," he lamented.
Previously, CBS had terminated James Corden's "Late Late Show" in 2023, with executives citing the show's unprofitability at the 12:35 a.m. timeslot. Colbert played a pivotal role in producing a more cost-effective replacement, "After Midnight," which, despite concluding earlier this year, was reportedly wrapped up due to the host, Taylor Tomlinson's, reluctance to spearhead another season, rather than financial constraints.
Bill Carter, the esteemed author of two bestselling tomes on the late-night comedy wars, remarked on Thursday evening that "the financial aspect of this industry has undeniably been under severe strain." He further stated, "However, if CBS harbors the illusion that they can avoid serious scrutiny for possibly capitulating to Trump, they are grossly mistaken."
