Overview

• Conan O’Brien warned that late-night television as viewers have known it since the 1950s “is going to disappear” in his Television Academy Hall of Fame address.
• He insisted Stephen Colbert is too talented to vanish and will thrive in a format he fully controls after The Late Show concludes in May 2026.
• CBS cited annual deficits of $40 million–$50 million on The Late Show and a 40%–50% drop in late-night ad revenue as the reason for its cancellation.
• Lawmakers and critics have questioned the cancellation’s timing following Paramount’s $16 million settlement with President Trump and its proximity to the Skydance–Paramount merger approval.
• The shift toward streaming and podcast platforms is accelerating as established hosts secure major deals and explore creator-driven formats.