Overview

• CBS announced that The Late Show with Stephen Colbert will conclude its final season in May 2026 and that the entire franchise will be retired for purely financial reasons.
• Network executives praised Colbert as “irreplaceable” and stressed that the decision has nothing to do with the show’s ratings, content or other matters at Paramount.
• Colbert was told of the cancellation just hours before Thursday’s taping and broke the news live to a shocked audience that responded with boos.
• The announcement follows Colbert’s on-air criticism of Paramount Global’s $16 million settlement with President Trump, which he labeled a “big, fat bribe.”
• Paramount Global is seeking regulatory approval for an $8.4 billion merger with Skydance Media while pursuing broader cost-cutting measures across its operations.