Overview

• CBS executives confirmed The Late Show will conclude in May 2026, attributing the decision to annual losses exceeding $40 million and a 40 percent drop in ad revenue.
• FCC Chair Brendan Carr repeatedly declined to say whether President Trump influenced the cancellation, framing it as a business choice shaped by shifting industry dynamics.
• Critics including Jon Stewart and Sen. Chris Murphy argue the move came after Paramount’s $16 million settlement with Trump; they view it as corporate compliance with political pressure.
• Commentators such as James Carville and writers in The New York Times and Washington Post attribute the decision to the economic decline of traditional late-night formats facing streaming competition and changing viewer habits.
• On his return to the desk, Colbert vowed to ramp up his satire before May 2026—declaring “the gloves are off”—and late-night peers rallied in support.