Overview

• CBS confirmed that The Late Show with Stephen Colbert will conclude in May 2026 at the end of his current contract.
• Network executives said the decision reflects unsustainable production budgets and a sharp decline in advertising revenue over recent years.
• Colbert’s on-air criticism of Paramount’s $16 million settlement with President Trump triggered calls from Senators Elizabeth Warren and Adam Schiff for an inquiry into political influence.
• Paramount Global’s pending $8.4 billion merger with Skydance Media, which requires FCC approval, has intensified scrutiny of the network’s timing.
• Media analysts view the move as emblematic of the broader struggle facing traditional late-night television in an era dominated by streaming and short-form content.