Overview

• CBS executives insist the May 2026 cancellation reflects annual losses pegged between $40 million and $50 million as late-night ad revenue declines.
• Paramount Global’s surprise $16 million settlement with President Trump over a “60 Minutes” lawsuit has fueled allegations that non-financial motives influenced the decision.
• In his first monologue after the cancellation, Colbert vowed the “gloves are off,” telling President Trump “Go f— yourself” and promising unvarnished commentary.
• Jon Stewart, John Oliver, Jimmy Fallon and Seth Meyers joined a parody sketch and appeared at the Ed Sullivan Theater to show solidarity with Colbert.
• Sen. Elizabeth Warren and FCC Chair Brendan Carr publicly challenged CBS’s rationale and protesters gathered outside Colbert’s studio as Paramount awaits approval of its $8 billion Skydance merger.