Stephen Colbert says goodbye: CBS to cancel 'The Late Show' with no replacement or continuity

CBS will end "The Late Show With Stephen Colbert" in May 2026. The network confirmed that it has no intention of keeping the format or appointing a new host, marking the permanent closure of the storied late-night slot.

In a joint statement, executives from CBS and its parent company, Paramount Global, attributed the decision to financial reasons, pointing to the challenges of the current landscape in late-night television. They assured that the cancellation is not related to the show's content or the host's performance.

"We consider Stephen Colbert irreplaceable and will retire 'The Late Show' franchise at that time. 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," the statement said.

Solid numbers amid an overall decline

Colbert took over the show in 2015, following the retirement of David Letterman, and managed to position himself as a ratings leader for most of his tenure. This year, "The Late Show" has been the only late-night program to grow its viewership, averaging more than 2.4 million views per episode, according to Nielsen figures. Additionally, this week, it was nominated again for the Emmy Awards, and in 2021, it received the prestigious Peabody Award.

Despite its strong performance, late-night television is undergoing a transformation. Production costs, falling advertising investment and competition from streaming have forced several channels to rethink their bets. NBC cut "The Tonight Show" to four broadcasts per week in 2024, and CBS canceled "The Late Late Show" following James Corden's departure in 2023.

Colbert questions Paramount's deal with Trump

The end of the program also comes days after Colbert publicly criticized Paramount Global for reaching a legal settlement with President Donald Trump. The company paid $16 million to settle a lawsuit related to the editing of an interview with then-Democratic candidate Kamala Harris that aired on "60 Minutes" last year.

During his monologue on Monday, Colbert called the deal a "big fat bribe" and expressed distrust of the company. His statements joined those of comedian Jon Stewart, who days earlier also questioned the deal from his show on Comedy Central, another Paramount network. Both noted that the payment could be interpreted as an attempt to remove obstacles to the merger with Skydance, which could require approval from a future Trump administration.