July 18, 2025 – CBS has dropped a bombshell, announcing that The Late Show with Stephen Colbert will wrap up its run in May 2026, ending a 30-year legacy for the iconic late-night franchise. The network points to financial challenges as the driving force behind the decision, but the timing—hot on the heels of Stephen Colbert’s sharp criticism of CBS’s parent company, Paramount Global, over a $16 million settlement with former President Donald Trump—has ignited a firestorm of speculation about political motives. Here’s everything you need to know about the cancellation, the controversy, and what’s next for late-night TV.

Why Is CBS Pulling the Plug?

CBS executives, including Paramount Co-CEO George Cheeks and CBS Entertainment President Amy Reisenbach, insist the cancellation is a “business decision” driven by the declining profitability of late-night television. With audiences flocking to streaming platforms like Netflix and short-form content on TikTok and YouTube, traditional late-night shows have struggled to maintain ad revenue. The Late Show, despite being the top-rated late-night program with 2.5 million viewers in the 2024-2025 season, is reportedly no longer a financial win for CBS. The network’s recent axing of After Midnight in March further signals a retreat from the late-night arena.

But the financial explanation hasn’t quelled suspicions of political interference. The announcement comes just weeks after Paramount Global settled a $16 million lawsuit with Trump over a 60 Minutes interview with Vice President Kamala Harris, which Trump claimed was misleadingly edited. On his July 14 show, Colbert didn’t hold back, slamming the settlement as a “big fat bribe” and mocking Paramount’s leadership. This bold critique has raised eyebrows, especially as Paramount navigates an $8.4 billion merger with Skydance Media, which awaits approval from the Trump administration’s Federal Communications Commission (FCC).

Political Backlash and Calls for Transparency

The timing of the cancellation has sparked outrage among some political figures and fans. Democratic Senators Elizabeth Warren and Adam Schiff have demanded answers, questioning whether CBS bowed to political pressure. Schiff, a recent guest on The Late Show, took to X, stating, “If CBS canceled Colbert’s show over his Trump criticism, it’s a dangerous precedent. The public deserves the truth.” Warren echoed this, urging CBS to “come clean” about any political motivations.

Industry insiders are divided. Bill Carter, a veteran late-night TV analyst and author, argues that while financial struggles are real, CBS can’t ignore the optics. “Canceling a top-rated show after its host criticizes a powerful political figure looks suspicious, no matter how you spin it,” Carter told Click USA News. Social media is ablaze with reactions, with some X users hailing the cancellation as a “win” against “biased media,” while others slam it as “corporate censorship” and a “chilling move” toward suppressing free speech.

The Legacy of The Late Show

Since its debut in 1993 under David Letterman, The Late Show has been a cornerstone of CBS’s programming, delivering sharp humor and cultural commentary. When Stephen Colbert took the helm in 2015, he brought his razor-sharp wit from The Colbert Report, transforming the show into a powerhouse of political satire. Known for his fearless takedowns of politicians and viral segments like “Meanwhile,” Colbert kept The Late Show ahead of competitors like Jimmy Kimmel Live! and The Tonight Show Starring Jimmy Fallon.

Colbert broke the news to a stunned audience during Thursday’s taping at the Ed Sullivan Theater, revealing he learned of the decision just 24 hours earlier. “This isn’t just my show ending—it’s the end of The Late Show on CBS,” he said, as the crowd booed. Promising to go out with a bang, Colbert vowed to make the final 10 months “unforgettable” for his 200-person crew and loyal viewers.

What’s Next for Colbert and Late-Night TV?

With The Late Show set to exit, CBS joins a shrinking late-night landscape, leaving only ABC’s Jimmy Kimmel Live! and NBC’s The Tonight Show and Late Night in the network space. Speculation is swirling about Colbert’s future. Could he return to Comedy Central’s The Daily Show, where his friend Jon Stewart hosts weekly? Or might he pivot to a streaming platform, as others like Conan O’Brien have done? For now, Colbert remains focused on delivering a memorable final season.

CBS has pledged to honor Colbert and the show’s legacy with special programming leading up to May 2026. Meanwhile, fans are flooding social media with tributes, with one Instagram post calling the cancellation “a gut punch to late-night fans.”

The Bigger Picture

The end of The Late Show with Stephen Colbert underscores the challenges facing traditional media in a digital age. But the swirling controversy around its cancellation raises bigger questions about the intersection of media, politics, and corporate power. As CBS navigates this high-stakes moment, the public will be watching closely for answers—and for what comes next in the ever-evolving world of late-night television.

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