Stephen Colbert's "The Late Show" was canceled by CBS, with the official reason given as purely financial challenges amid a difficult advertising marketplace for late-night shows. The decision was described by CBS and its parent company, Paramount Global, as not related to the show's performance or content but rather driven by significant financial losses, reportedly in the tens of millions annually, making continuation unviable. The cancellation announcement came shortly after Colbert publicly criticized CBS's $16 million settlement with the White House in a lawsuit related to a "60 Minutes" interview, leading to speculation that the cancellation timing was politically motivated. Colbert himself said on air that the show would not be replaced but entirely ended, and he expressed gratitude toward CBS and the fans. Colbert's colleagues and supporters questioned the financial explanation, suggesting the network's decision was influenced by political pressure linked to the Trump administration's approval of a merger involving CBS's parent company. Late- night hosts like Jimmy Kimmel have doubted the financial losses explanation, calling it absurd given the show's high ratings. The show continues to air episodes until May 2026 as its final season concludes. The situation has sparked debate over whether the cancellation was a result of business realities or external political pressures affecting CBS's decisions. Colbert is expected to pursue new opportunities afterward.
