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CBS to End The Late Show With Stephen Colbert as Merger Pressures Mount

CBS says losses drove the decision despite questions raised when Colbert’s criticism of a $16 million Trump settlement preceded the FCC’s approval of the $8 billion Paramount-Skydance merger.

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NEW YORK - JANUARY 30: The Late Show with Stephen Colbert and guest Samantha Bee during Thursday's January 30, 2020 show. (Photo by Scott Kowalchyk/CBS via Getty Images)
NEW YORK - JUNE 25: The Late Show with Stephen Colbert during Wednesday's June 25, 2025 show. (Photo by Scott Kowalchyk/CBS via Getty Images)
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Overview

  • The network confirmed The Late Show will conclude in May 2026 after running annual deficits estimated at $40 million on a $100 million budget.
  • Colbert’s on-air denunciation of Paramount’s $16 million settlement with President Trump has fueled claims that the cancellation was driven by political motives.
  • President Trump denied involvement via Truth Social, calling Colbert untalented and warning that Jimmy Kimmel and Jimmy Fallon could be next.
  • Days after CBS announced the cancellation, the Federal Communications Commission approved Paramount’s $8 billion merger with Skydance, intensifying scrutiny over the timing.
  • Industry figures including Samantha Bee point to declining viewership, high production costs and merger-related incentives as key challenges for legacy late-night shows.