Overview

• The $8.4 billion merger between Skydance Media and Paramount Global closed on August 7, aligning with CBS’s decision to end The Late Show.
• George Cheeks said the show had become unsustainable in the face of a decades-long ad-market slump that was costing the network tens of millions of dollars annually.
• The cancellation timing coincided with the end of Colbert’s three-year deal and routine negotiations for writers and producers, making renewal terms unworkable, according to Cheeks.
• CBS denied that political factors influenced its decision, rejecting claims that Colbert’s criticism of a Trump settlement played a role.
• The network plans to retire the 32-year Late Show franchise in May 2026 and redeploy resources toward primetime and sports programming under Skydance’s oversight.