CBS
One of the biggest names on late-night television is not a choice, but a bow.
On July 17th in the US, CBS announced that the late show with Stephen Colbert would end in May 2026. The announcement itself was important, but it unveiled a major storm that unfolds beyond the evolving state of media, politics and late-night television. The general charges of financial burdens, corporate restructuring and political influence all clash and create moments that far exceed the cancellation of one show.
Let’s dig into what happened, why it matters, and what’s coming.
CBS calls it a financial decision
In a joint statement, CBS executives George Cheek, Amy Lazenbach and David Staff described the cancellation as a financial decision “contrary to the challenging late-night background.” They called Colbert “irreplaceable” and confirmed that the Late Show would not continue with the new host, but would retire completely instead.
CBS argues that the decision is not affected by Colbert’s content, ratings, or broader issues involving parent company Paramount Global. The announcement comes as Colbert’s contract approaches its 2026 conclusion.
Colbert speaks to the audience: “That’s a great job.”
Speaking directly to his studio audience, Colbert first made the news clear. The audience responded with a boo and he replied, “Yeah, I share your feelings.”
He then turned to more heartfelt reflexes and thanked his viewers, teams and crew.
“And of course I am grateful to the audience who joined us every night on all the ships here, around the world, America, Mrs. America, and all the boats in the ocean,” Colbert said. “I’m grateful to be able to share this band, these artists, and this band every night.”
“I am very deeply grateful to the 200 people who work here. We can do this show every day, every day, all day, and we were responsible for sharing what we do in front of this camera every day. And that’s a great job.
Trump settlement, Skydance merger, timing
Earlier in the same week as the cancellation announcement, Colbert scathed Paramount for resolving a lawsuit filed by Donald Trump. The incident was focused on a 60-minute interview with Kamala Harris during the 2024 election campaign. Paramount agreed to pay Trump $16 million. This is what Colbert described as “a big fat bribe.”
His remarks came as Paramount seeks regulatory approval for a $8.4 billion merger with SkyDance Media. The timing of the cancellation is scrutinized from various corners just three days after the monologue.
CBS does not publicly refer to Colbert’s comments or settlements. The company claims that cancellations are based solely on economic considerations and are not affected by performance, content or “other issues happening at Paramount.”
Nevertheless, the proximity of the events raised questions, especially among Democrats.
Senator Elizabeth Warren posted to X. “CBS cancelled Colbert’s show just three days after Colbert called on CBS parent company Paramount to a $16 million settlement with Trump, a deal that looks like bribery.
Senator Bernie Sanders provided a similarly dull response. “Extraordinary talent and most popular late-night host, Stephen Colbert, blames the deal. A few days later, he was fired. Do you think this is a coincidence? No.”
“We’ve just finished taping with Stephen Colbert, who announced his show has been cancelled,” said Rep. Adam Schiff, who guested on the late show the night when the announcement was made.
During that taping, Schiff warned of what Trump described as a growing “climate of terror” saying he “want to fear news organizations, CBS and Paramount.” He wants to fear ABC.
Additional pressure was generated from Capitol Hill. Senator Ed Markey wrote to Paramount Speaker Shari Redstone asking whether Trump administration or FCC officials had contacted the company regarding Colbert’s monologue and whether actions were proposed or requested accordingly.
Trump cheers, peer gatherings, questions swirl
Colbert’s supporters expressed disappointment, but former President Donald Trump wasted no time celebrating. True socially, he posted, “I absolutely love Colbert being fired,” adding, “Jimmy Kimmel is here.” He continued. “His talent was less clear than his rating. I’ve heard Jimmy Kimmel is next. He’s even less talented than Colbert!” Trump also praised Fox News host Greg Gutfeld for being “better than all of them, including the NBC idiot who ruined a great tonight show.”
The comments were widely shared, further increasing speculation that politics could have played a role in the decision. CBS continues to argue that the move is being driven strictly by economic realities.
Meanwhile, entertainers and late-night colleagues came to Colbert’s defense. Jimmy Kimmel has suspended her summer vacation and posted on her Instagram Story. This comment was seen as an excavation of a network focused on spinoffs of Big Bang Theory.
Jimmy Fallon wrote that he was “as shocked as everyone else,” praised Colbert as “one of the sharpest and most entertaining hosts ever.”
Seth Myers added, “Stephen Colbert is even better than the host.”
Julia Louis-Dreyfus, Adam Scott and other well-known names also posted messages of support. The Writers Guild of America and other organizations have since sought more transparency into the situation of the show’s cancellation.
Late night is struggling – and Colbert’s numbers show that
Beyond political conversations, late-night television’s financial outlook is getting darker and darker. Viewers are steadily moving from traditional broadcast schedules to streaming platforms, YouTube and Tiktok. The Late Show continues to be one of the best evening programs, but its viewers have fallen from an average of 3.1 million to 1.9 million since 2017 this season.
Revenue continues on a similar trajectory. According to the guidelines from the ad tracking company, the show generated US$121.1 million in 2018, but by 2024 it fell to US$70.2 million.
One former network executive told Reuters that CBS might see better returns by airing reruns of script hits like Tracker.
The network is already reducing its late-night footprint. Following James Corden’s exit from the 2023 Late Late Show, CBS chose not to replace him. It was cancelled earlier this year since midnight, when it served as a spiritual successor. Colbert’s departure wipes the network’s late-night slate cleanly.
What now?
There’s almost a year left of late shows before officially rapping in May 2026, and Colbert shows he’s going to make the most of it. It remains unclear whether he will stay late at night or move to the new format. The Daily Show still has no permanent host, so some have a chance of returning, but nothing has been publicly proposed.
Colbert’s exit also raises broader questions about the sustainability of traditional late-night programming. Tonight’s show and Jimmy Kimmel Live! If we continue, the 11:30pm slot no longer commands the cultural weights it once did. Networks are increasingly evaluating whether the model still makes economic sense.
One thing is clear. The Late Show was not replaced, and Colbert quietly disappeared. Whether this was really a bottom line business decision or more complicated, the cancellation ignited the fire.
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