Overview

• The final episode of The Late Show will air in May 2026, closing a franchise that began with David Letterman in 1993.
• Paramount and CBS executives insist the move responds to annual losses exceeding $40 million on a more than $100 million budget and steep declines in late-night ad revenue.
• On July 14, Colbert called Paramount’s $16 million settlement with President Trump a “big fat bribe,” drawing sharp attention to the timing of the cancellation.
• Senators Elizabeth Warren and Adam Schiff, along with free-speech advocates and the Writers Guild, have demanded investigations into whether the settlement critique influenced the decision.
• The announcement comes as Paramount Global seeks Federal Communications Commission approval for its $8.4 billion merger with Skydance Media, intensifying scrutiny on editorial independence.