CBS will bring The Late Show With Stephen Colbert and its long-running franchise to a close by May 2026. After nearly ten years with Colbert at the helm and decades of late-night tradition, the network has opted for an unexpected shift. But what led to the decision? Here’s a breakdown.
Why is CBS canceling The Late Show with Stephen Colbert?
CBS says the decision comes down to money, not Colbert’s performance or ratings.
“This is purely a financial decision against a challenging backdrop in late night,” said the company’s executives. “It is not related in any way to the show’s performance, content or other matters happening at Paramount” (via NBC News).
Despite consistently topping ratings charts and being one of the most-watched shows in its time slot, The Late Show with Stephen Colbert became increasingly expensive to produce. Meanwhile, the late-night genre itself has struggled to maintain its footing as younger audiences flock to streaming platforms and short-form content. Ad revenue for traditional network late-night shows has plummeted by nearly 50% since 2018, falling from $439 million to $220 million in 2023.
The timing, however, has triggered immediate suspicion. Just days before the announcement, Paramount paid Donald Trump $16 million to settle a lawsuit over a 60 Minutes interview. It’s a payout Colbert called “a big fat bribe” on his show. With a multibillion-dollar merger between Paramount and Skydance still awaiting federal approval, Colbert’s on-air criticism raised eyebrows.
Colbert revealed he found out about the cancellation the night before taping. When he told the audience during Thursday’s show, their boos filled the studio. “Yeah, I share your feelings,” he said (via Variety). Now, lawmakers like Senator Adam Schiff and Senator Elizabeth Warren are openly wondering whether the cancellation had more to do with politics than profits. Schiff posted, “If Paramount and CBS ended ‘The Late Show’ for political reasons, the public deserves to know.”
Who will take over The Late Show after Stephen Colbert?
No one’s taking over, because CBS is shutting The Late Show after Stephen Colbert entirely.
CBS has decided not to replace Stephen Colbert with a new host, effectively ending The Late Show franchise. This decision breaks with industry tradition, where outgoing hosts like David Letterman or Johnny Carson typically passed the torch to a successor. “We consider Stephen Colbert irreplaceable,” CBS said in its official statement. “We will retire The Late Show franchise in May 2026.”
