CBS announced in July 2025 that it would end The Late Show with Stephen Colbert and retire the entire Late Show franchise by May 2026, citing financial pressures in the declining late-night television landscape.
On 17 July 2025, Stephen Colbert informed his audience during a taping that 2026 would be the show’s final season, revealing he had learned the news the night before.
The cancellation came just days after Colbert publicly criticised a $16million settlement paid by Paramount Global, CBS’s parent company, to Donald Trump over a disputed 60 Minutes interview. Colbert called the settlement a “big fat bribe” intended to smooth the path for the Paramount-Skydance merger approval.
CBS described the decision as purely financial, stating the show was losing tens of millions of dollars annually despite maintaining high ratings. Unlike previous host transitions, the network will retire the Late Show franchise entirely rather than replacing Colbert.
Colbert has hosted the program since 2015, following David Letterman’s 22-year tenure. CBS issued a statement calling Colbert irreplaceable and saying the show would be remembered among the pantheon of great late-night programs.
CBS’ explanation
CBS executives emphasised that the decision was not related to the show’s performance, content, or other matters at Paramount. They characterised the broader late-night television environment as increasingly challenging for linear broadcast networks.
George Cheeks, CBS boss, later spoke about the “agonizing decision” to cancel the top-rated show after 32 years, acknowledging the economics made it unsustainable.
We consider Stephen Colbert irreplaceable and will retire ‘The Late Show’ franchise” in May of 2026.
Statement from CBS
We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television. This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount.
Colbert expressed offence at the decision, stating he did not know if anything would repair his trust in the company. He suggested that $16million, the amount of the Trump settlement, might help.
As someone who has always been a proud employee of this network, I am offended.
Stephen Colbert criticised the settlement on his show
And I don’t know if anything will ever repair my trust in this company. But just taking a stab at it, I’d say $16milion would help.
Reactions
Former President Donald Trump celebrated the news on Truth Social, claiming he loved that Colbert got fired and that his talent was even less than his ratings. He also suggested Jimmy Kimmel was next.
Fellow late-night hosts responded strongly. Jimmy Kimmel posted on Instagram saying “Love you Stephen. F*** you and all your Sheldons”, referencing The Big Bang Theory reruns. Jimmy Fallon expressed shock and sadness, calling Colbert one of the sharpest, funniest hosts ever. Seth Meyers echoed sentiments of respect and recently hosted Colbert to reveal the final air date.
David Letterman, the former Late Show host, called the decision pure cowardice and gutless. Celebrities including Ben Stiller, Julia Louis-Dreyfus, and Judd Apatow publicly criticised CBS and Paramount.
Fans met the live announcement with audible boos and groans. On social media, audiences expressed heartbreak and speculated that Colbert would quickly be picked up by a streaming giant like Netflix or Apple.
Broader context
The cancellation marks a significant moment in the decline of traditional late-night television, as streaming platforms and changing viewer habits reshape the media landscape.It also highlights the intersection of political controversy, corporate negotiations, and programming decisions in an increasingly polarised media environment.
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