Overview

• CBS confirmed that The Late Show with Stephen Colbert will conclude in May 2026, citing annual losses of over $40 million and declining ad revenue.
• Senators Elizabeth Warren and Adam Schiff have publicly questioned whether Colbert’s recent critique of Paramount’s $16 million Trump settlement prompted the cancellation.
• The Writers Guild of America and anonymous CBS staffers have rejected the financial explanation and called for investigations into possible political influence related to Paramount’s pending Skydance merger.
• Reports from Puck News and other outlets indicate The Late Show was costing CBS more than $40 million per year despite leading its time slot.
• Paramount’s $8 billion merger with Skydance Media faces Federal Communications Commission scrutiny as stakeholders raise free-speech and governance concerns.