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The Late Show with Stephen Colbert

Why Did CBS Cancel Stephen Colbert’s Late Night Show?

The show has been the top-rated program in its time slot for nine consecutive years

In a surprising move, CBS has announced that The Late Show with Stephen Colbert will end in May 2026. Despite being the top-rated show in its time slot for nine consecutive years. While the network attributes the decision to “purely financial reasons,” many believe there may be more behind it.

Although Colbert’s show consistently led the ratings—averaging around 2.4 million viewers—it came with a hefty price tag. According to The Wall Street Journal, the program reportedly lost about $40 million a year, due to Colbert’s $20 million salary, a 200-person staff, and high production costs. Meanwhile, the entire late-night television landscape has been struggling with declining ad revenue and shifting viewer habits. More audiences turn to platforms like YouTube and TikTok.

However, the timing has raised eyebrows, as the cancellation came just three days after Colbert publicly criticized Paramount Global (CBS’s parent company) for paying $16 million to settle a lawsuit filed by Donald Trump. During a segment, Colbert called the payout a “big, fat bribe”, as reported by People. The lawsuit stemmed from a 60 Minutes interview with Vice President Kamala Harris.

Adding more fuel to the controversy, the decision also comes during Paramount’s pending $8.4 billion merger with Skydance Media, which requires approval from the Trump-era FCC. According to Time, some critics believe the timing could suggest political motivations behind the cancellation.

Political Fallout & Public Reaction

Several high-profile Democrats—including Senators Adam Schiff, Elizabeth Warren, and Bernie Sanders—have called for transparency. Questioning whether Colbert is being punished for his political satire, according to The Guardian. Even Colbert subtly acknowledged the timing in his announcement, while Donald Trump celebrated the cancellation of his longtime critic’s show.

This isn’t the only shake-up in late-night TV. CBS also canceled its companion show After Midnight, and NBC has trimmed its lineup to just four nights a week. The era of lavish, nightly talk shows appears to be fading—even top-rated hosts like Colbert aren’t immune.

The End of an Era

CBS insists the decision is purely financial and unrelated to content. Still, critics argue the network failed to consider more sustainable cost-cutting options. With The Late Show set to wrap in May 2026—and no successor named—Colbert’s exit marks not only the end of a chapter, but the end of the franchise itself.

Whether driven by budget cuts or political pressure, the cancellation of such a high-profile, influential voice in late-night television signals a major shift—and leaves both viewers and industry insiders asking serious questions.