CBS shocked the television world by announcing that The Late Show With Stephen Colbert, the most-watched late-night program on broadcast TV, will end in May 2026. The decision comes after more than a decade with Colbert as host and over three decades of the Late Show franchise, originally launched by David Letterman.
The Official Reason: Finances, Not Performance
According to CBS executives, the cancellation is “purely a financial decision” and not tied to the show’s ratings, content, or Colbert’s performance. Paramount Global, CBS’ parent company, cited the “significant secular decline” in the late-night advertising market as the primary challenge. Paramount Global TV Media Chairman George Cheeks said in August 2025, “We are huge fans of Colbert, we love the show, unfortunately, the economics made it a challenge for us to keep going.”
The Paramount–Skydance Merger
The announcement came as Paramount Global prepared to finalize its merger with Skydance Media. While critics, including Colbert himself, questioned the timing — especially after a $16 million settlement with Donald Trump — the network has doubled down on its explanation that the decision was strictly about money.
How Colbert Learned the News
Colbert, who reportedly earns around $15 million annually, was informed of CBS’ decision on July 16, 2025, and broke the news to his audience during the next episode’s taping. He will remain host until the show’s conclusion in May 2026.
The Broader Impact on Late-Night
The end of The Late Show With Stephen Colbert underscores a shifting late-night landscape, as networks grapple with falling ad revenues, changing viewer habits, and competition from streaming and digital platforms. The cancellation has fueled concerns from other late-night hosts — including Seth Meyers — who worry that the “ecosystem” may no longer sustain traditional late-night programming.
A Legacy in Late-Night
While his tenure is ending, CBS praised Colbert’s run, calling him “irreplaceable” and placing him “in the pantheon of greats that graced late-night television.” As the industry continues to evolve, Colbert’s departure marks the close of an era — and raises questions about what, if anything, will replace the Late Show in the network’s lineup.
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