Overview

• CBS confirmed the show will conclude in May 2026, ending a nine-season run as the top-rated late-night program.
• Network leaders attribute the cancellation to rising production costs—reported at over $100 million per year—and a roughly 50% decline in late-night ad revenue since 2018.
• President Trump celebrated the move on Truth Social while Senators Elizabeth Warren and Adam Schiff have demanded an explanation for its timing following Colbert’s on-air criticism of Paramount’s $16 million settlement.
• Anonymous staffers and analysts point to the pending $8 billion Paramount-Skydance merger and potential political pressure as factors influencing CBS’s decision.
• Fellow hosts and industry figures, including Jimmy Kimmel and Andy Cohen, have condemned CBS’s exit from late-night, raising concerns about editorial independence and the format’s future.