Overview

• CBS announced on July 17 that The Late Show with Stephen Colbert will air its final season in May 2026 and the network will retire the franchise rather than appoint a successor host.
• Stephen Colbert broke the news during Thursday’s taping, telling his studio audience, “I’m not being replaced. This is all just going away,” to boos and chants of “no.”
• In a joint statement, CBS executives said the decision reflects financial challenges—rising production costs and slipping ad revenue—rather than the show’s performance or its content.
• Paramount Global’s pursuit of a merger with Skydance Media and recent layoffs have intensified cost-cutting efforts across CBS and provided context for the move.
• Senator Adam Schiff questioned whether political considerations played a role in the cancellation and called for transparency if that is the case.