In a surprising announcement that has left fans and industry insiders in shock, CBS has confirmed that it will be ending The Late Show with Stephen Colbert in May 2026. The decision to pull the plug on the popular late-night program has sent shockwaves throughout the television world, especially given the show’s typically high ratings and its position as one of the top-rated late-night shows.

The cancellation of The Late Show raises significant questions about the future of CBS in late-night television, especially considering the show’s consistent ratings success and Colbert’s longstanding relationship with the network. According to CBS, the decision is purely financial, with declining ad revenue and ongoing corporate financial pressures being the driving factors. Despite The Late Show‘s position as a ratings leader in its time slot, the network has confirmed that the show is no longer profitable.

The Timing and Speculation

The timing of the cancellation is particularly noteworthy, as it comes just two weeks after CBS parent company Paramount reached a settlement with former President Donald Trump regarding a lawsuit against CBS News. This has spurred speculation about whether Colbert’s outspoken political commentary, particularly his harsh criticism of Trump, may have played a role in the network’s decision. Colbert, known for his sharp-edged political humor, has been one of the most vocal critics of Trump, especially during the Trump administration’s second term.

Colbert alluded to the speculation surrounding his future on air when he returned from vacation. He condemned the Paramount settlement, calling it a “big fat bribe,” and humorously referenced his new mustache as protection against the corporation: “Okay, okay, but how are they going to put pressure on Stephen Colbert… if they can’t find him?”

However, CBS has maintained that the cancellation is due to financial reasons, not related to the content of the show or any external political factors. “This is purely a financial decision against a challenging backdrop in late-night,” CBS stated in a press release. “It is not related in any way to the show’s performance, content, or other matters happening at Paramount.”

Corporate Pressures and Declining Ad Revenue

Paramount, CBS’s parent company, has been facing significant financial challenges, including ongoing budget cuts and a 3.5% reduction in its workforce. The Late Show, despite its high ratings, is no longer profitable due to plunging ad revenue. Sources within the network suggest that the financial pressures in the television industry have forced CBS to reevaluate its late-night programming strategy.

The end of Colbert’s show also follows the cancellation of The Late Late Show with James Corden in 2023, another late-night program that CBS deemed unprofitable. Colbert had even helped produce a cheaper replacement show for Corden, After Midnight, but it too was short-lived, ending earlier this year.

Bill Carter, author of two best-selling books on the late-night television wars, commented on the situation, saying, “The financial side of that business has definitely been under pressure. But if CBS believes it can escape without some serious questions about capitulating to Trump, they are seriously deluded.”

Colbert’s Announcement and the Audience’s Reaction

Colbert shared the news with his audience during a taping on Thursday evening. The announcement, which came as a surprise even to him, left the studio audience visibly stunned, and audible ‘boos’ could be heard as Colbert confirmed that next year would be The Late Show‘s final season.

“Next year will be our last season,” Colbert said, acknowledging the end of the show with a somber tone. “The network will be ending our show in May,” he added. Colbert, ever the professional, expressed gratitude for the opportunity to host the show. “This is all just going away,” he said, referring to the end of the program.

While the news left many fans heartbroken, some speculated that the decision was influenced by a combination of financial constraints and external pressures, including the legal settlement with Trump and Paramount’s upcoming merger with Skydance Media.

Political Implications and Criticism

The announcement of The Late Show‘s cancellation has raised eyebrows, especially among Colbert’s supporters and those who believe his vocal criticism of Trump may have factored into the decision. Democratic Senator Adam Schiff, who had appeared on the show that same night, took to social media to express his concerns.

“Just finished taping with Stephen Colbert who announced his show was cancelled,” Schiff wrote on X. “If Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better.”

Colbert, despite the challenges, thanked his audience for their support and reflected on his time with CBS. “I do want to say that the folks at CBS have been great partners,” he said. “I’m so grateful to the Tiffany network for giving me this chair and this beautiful theater to call home. And of course, I’m grateful to you, the audience, who have joined us every night in here, out there, all around the world.”

The End of an Era

The Late Show has been a cornerstone of CBS’s late-night programming for over thirty years. Founded by David Letterman in the 1990s, the show became known for its humor, irreverence, and political commentary. When Colbert took over in 2015, he brought a fresh perspective and a new edge, which helped him become a dominant force in late-night television. His sharp criticism of Trump in particular gave CBS its biggest late-night ratings win in two decades, helping cement his place in television history.

However, the pressures of political polarization, changing audience expectations, and declining ad revenue have forced CBS to reconsider its late-night strategy. The departure of Colbert from The Late Show marks the end of an era in late-night television, as CBS exits the late-night landscape altogether.

What’s Next for Colbert and Late-Night Television?

While the future of Colbert’s career remains uncertain, the end of The Late Show raises questions about the future of late-night television in general. With CBS pulling out of the late-night game, the landscape of broadcast television is likely to change. Colbert’s departure could have a ripple effect on other late-night programs, potentially reshaping the industry for years to come.

As for Colbert, his future in television remains up in the air. Will he continue his work in political commentary and satire, or will he take his talents elsewhere? One thing is certain: his departure from CBS marks a turning point in the late-night television world, and the repercussions will be felt long after the final episode airs in May 2026.