Stephen Colbert shocked his audience on July 17, 2025, when he announced during a taping of The Late Show that CBS had decided to cancel the program in May 2026 — ending not only his decade-long tenure as host but also the entire Late Show franchise on the network.

“It’s not just the end of our show, but it’s the end of The Late Show on CBS,” Colbert told the crowd. “I’m not being replaced. This is all just going away.”

The move came as a surprise to viewers, fellow entertainers, and even some CBS insiders. Officially, the network blamed “purely financial” reasons. But the timing — just days after Colbert had blasted Paramount over a controversial legal settlement with the Trump White House — immediately raised eyebrows.

Stephen Colbert speaks onstage during “An Evening with Stephen Colbert and Jim Gaffigan” at Newark’s NJPAC as part of the inaugural North to Shore...

The Official Reason: Money

In a joint statement from Paramount Global and CBS, executives called the decision “agonizing” but insisted it had nothing to do with Colbert’s performance, politics, or content.

CBS CEO George Cheeks later told reporters the show’s production costs were “significant” — in the “tens of millions of dollars” annually — and “wasn’t sustainable to continue,” despite Colbert still drawing strong ratings.

Colbert’s audience numbers, in fact, remain on par with his predecessor David Letterman’s during his Late Show run. The difference now is where that audience is watching: an estimated 80% of viewers consume clips on YouTube, where ad rates are far lower than on traditional TV.

The Suspicious Timing

Just days before the cancellation, Colbert had used his opening monologue to call a $16 million settlement between CBS and the Trump administration a “big fat bribe.” The White House had sued over a 60 Minutes interview with then–Vice President Kamala Harris, claiming it had been deceptively edited. CBS denied wrongdoing but agreed to settle.

The cancellation announcement came only a week before the FCC approved an $8 billion merger between Paramount Global and Skydance Media — a deal requiring federal approval and containing conditions on CBS’ news division.

FCC Commissioner Anna Gomez, who opposed the merger, called those conditions “never-before-seen forms of government control over newsroom decisions,” warning they violated the First Amendment.

Trump’s Reaction: Gloating and Threats

President Donald Trump wasted no time celebrating on Truth Social:

“I absolutely love that Colbert got fired. His talent was even less than his ratings. I hear Jimmy Kimmel is next… Greg Gutfeld is better than all of them combined.”

Trump has repeatedly attacked late-night hosts, labeling Colbert, Kimmel, and Fallon as talentless and suggesting their shows could be next on the chopping block.

Colbert, unfazed, showed Trump’s post on his July 21 monologue and told the president to “go f— yourself.”

Solidarity in Late Night

Stephen Colbert arrives for the Showtime Golden Globe Nominees Celebration at Sunset Tower on January 6, 2018 in Los Angeles, California.

Colbert’s July 21 episode became a show of force from across the entertainment world. Tonight Show host Jimmy Fallon, NBC’s Seth Meyers, Daily Show alum Jon Stewart, and Last Week Tonight’s John Oliver all made cameo appearances in the studio audience to support him.

Musical guests Lin-Manuel Miranda and Weird Al Yankovic performed to cheer up fans, while Adam Sandler, Andy Cohen, Anderson Cooper, and Happy Gilmore 2 co-star Christopher McDonald also popped in.

Hollywood heavyweights flooded Colbert’s Instagram comments:

Judd Apatow: “My admiration and appreciation for you is bottomless.”

Jon Batiste: “The greatest to ever do it.”

Adam Scott: “This is absolute bulls—.”

Kathryn Hahn: “I’m sick to my stomach. Thank you for your genius.”

Letterman’s Take

David Letterman, who handed The Late Show baton to Colbert in 2015, weighed in with both humor and criticism. He posted a compilation video titled, “You can’t spell CBS without BS,” featuring clips of his own past jabs at the network.

Calling the move “very strange” and “a bit of a surprise,” Letterman said CBS mishandled its star:

“They did not handle Stephen Colbert, the face of the network, in the way he deserves to have been handled.”

Still, Letterman called Colbert “a martyr” and joked you could “hear them unfolding chairs at the hall of fame for his induction.”

Colbert’s Plans and Possible Next Act

Host, executive producer, writer Stephen Colbert speaks onstage during the 'The Late Show with Stephen Colbert' panel discussion at the CBS portion...

Colbert has hinted — jokingly and not-so-jokingly — about moving to streaming.

“Netflix, call me. I’m available in June,” he said during his Aug. 7 monologue. “I will also entertain offers from Amazon.”

In the meantime, he’s lined up a guest role as a fictional late-night host in season 3 of CBS’ Elsbeth.

When the Curtain Falls

The Late Show with Stephen Colbert will continue through May 2026, giving fans nearly a year to savor the final run.

Colbert remains committed to delivering his signature mix of political satire, celebrity interviews, and comedic sketches until the last broadcast.

“It’s a fantastic job,” he told viewers. “I’m looking forward to doing it with this usual gang of idiots for another 10 months. It’s gonna be fun.”