CBS Cancels Stephen Colbert’s Late Show Citing ‘Financial Reasons.’ Many Suspect the Real Reason is Trump

Late-night TV has been on the decline for years, as viewers spend more time on streaming services and often favor late-show clips on YouTube or TikTok over nightly appointment viewing. But CBS’s The Late Show was still leading the race by a mile. Second-quarter Nielsen ratings show that the program helmed by comedian Stephen Colbert had 2.42 million viewers across 41 new episodes, taking some 9% of the audience share and besting other shows in his timeslot. It was also the only show to rake in more viewers than in the previous quarter. And earlier this week, it received a Primetime Emmy nomination for outstanding talk series. So when Colbert told his audience at a taping on Thursday that “next year will be our last season,” viewers were blindsided. Spectators at the Ed Sullivan Theater booed. “Yeah, I share your feelings,” the host responded, explaining that he’d learned of the decision only the night before. More than three decades since it first aired, The Late Show is making its final curtain call in May 2026. Colbert won’t be replaced by a new host. “This is all just going away,” he said. The cancellation of The Late Show comes just a few days after Colbert ridiculed CBS’ parent company Paramount’s $16 million settlement with President Donald Trump. Trump had sued the entertainment company over the editing of a 60 Minutes interview with former Vice President Kamala Harris. Colbert, in his monologue, called the settlement a “big fat bribe,” referencing the pending sale of Paramount to Skydance Media, which requires the approval of the Trump Administration. “As someone who has always been a proud employee of this network, I am offended. And I don’t know if anything will ever repair my trust in this company,” Colbert said Monday. Paramount and CBS executives quickly dispelled rumors of any external influence beyond the current state of late night TV: “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.” To be sure, even if the axing of The Late Show is the most drastic example, the show is not the only victim of the flailing state of American late-night TV. Its timeslot competitor on NBC, The Tonight Show Starring Jimmy Fallon, had pared down taping days last year from five to four—with reruns aired on Fridays. NBC’s Late Night With Seth Meyers bid its house band goodbye amid budget cuts. In 2023, CBS’s The Late Late Show also got axed after its host James Corden left, and a less expensive After Midnight comedy game show—on which Colbert was executive producer—took over the slot. That show, too, was canceled after host Taylor Tomlinson exited to return to stand-up. The state of late-night TV today is a far cry from the dominance of Johnny Carson beginning in the ‘60s, or the reign of Jay Leno and David Letterman in the ‘90s and 2000s. Six years ago, the viewership of The Late Show was at 3.81 million; by the 2023-2024 season, it was at 2.6 million, per the Hollywood Reporter. Producing late-night TV is also expensive—its hosts alone rake in millions in annual salaries—and Internet viewership can’t fully make up lost ad revenues. But the cancellation also comes at a time when Trump has become more iron-fisted with press freedom. He banned journalists from the Oval Office, pursued legal challenges against media organizations that report critically on him, and sought the dismantling of public broadcasters. It’s for this reason that many have cast doubt on the reasons behind the show’s cancellation, given that Colbert has imbued the show with more politics since his takeover, sometimes making Trump the butt of his criticism and jokes. Friday morning, Trump celebrated the news, writing on Truth Social: “I absolutely love that Colbert’ got fired. His talent was even less than his ratings. I hear Jimmy Kimmel is next. Has even less talent than Colbert!” Sen. Adam Schiff (D-Calif.), who was a guest on the Thursday taping, said on X: “If Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better.” Sen. Elizabeth Warren, (D-Mass.), echoed concerns of a clampdown. “CBS canceled Colbert’s show just THREE DAYS after Colbert called out CBS parent company Paramount for its $16M settlement with Trump – a deal that looks like bribery,” she said on X. “America deserves to know if his show was canceled for political reasons.” “‘Financial reasons’” my ass,” said activist Charlotte Clymer on X. “This is political.” Others, meanwhile, have expressed their sadness over the loss of a late-night pillar. CNN host Anderson Cooper said he was “shocked and truly saddened” by the news of the cancellation. He lauded Colbert for being “at heart, an incredibly decent human being.” On Instagram, replying to a video clip of Colbert’s announcement, journalist Katie Couric said: “I am so upset about this. I need more information. We love you @stephenathome” Filmmaker Judd Apatow said: “My admiration and appreciation for you is bottomless. Excited to see what other brilliance you put into the world.” From Jon Batiste, former Late Show band leader: “The greatest to ever do it.” Then from Snow White actor Rachel Zegler: “I am extremely sad. I adore you, Stephen.” And Adam Scott of Severance wrote: “Love you Stephen. This is absolute bullsh-t, and I for one am looking forward to the next 10 months of shows.” One thing is for sure: the disappearance of the Late Show under the Trump Administration could not be simply swept under the rug. Bill Carter, who wrote several books on late-night television, posted on X: “The financial side of that business has definitely been under pressure, as CBS release asserts, but if CBS believes it can escape without some serious questions about capitulating to Trump, they are seriously deluded.”