The Late Show with Stephen Colbert: CBS confirms end of long-running late night talk show due to 'financial decision'

The long-running US late night chat show will end in May 2026, with CBS saying in a statement that the axing is “purely a financial decision against a challenging backdrop in late night [television]”. The network added that the show being scrapped was “not related in any way to the show’s performance, content or other matters.”

Stephen Colbert, who interview celebrities and politicians on the show, has been at the helm of The Late Show since 2015 when he replaced late night juggernaut David Letterman. Letterman had previously hosted Late Show With David Letterman since 1993 before announcing his retirement in 2015.

Colbert broke the news to his audience on Thursday night (July 17), saying that he had been told of the decision the night before. The shocking announcement led to members of the audience booing, with Colbert saying: “Yeah, I share your feelings.

“It’s not just the end of the show, it is the end of the Late Show on CBS. I’m not being replaced, this is all just going away.”

He added: “Let me tell you, it is a fantastic job. I wish someone else was getting it. And it is a job I am looking forward to doing with this usual gang of idiots for another 10 months.”

The move comes just two weeks after CBS and parent company Paramount settled a lawsuit with President Donald Trump over an interview with former election rival Kamala Harris on the 60 Minutes show, after Trump said that the interview was edited in a deceptive way to “tip the scales in favour of the Democratic party”.

Stephen Colbert has become known as one of the staunchest Trump critics on the late night circuit and often used his opening monologue to skewer the sitting President. The host joked about the situation recently on his show.

He said: “While I was on vacation, my parent corporation Paramount paid Donald Trump a $16 million settlement over his 60 Minutes lawsuit. As someone who has always been a proud employee of this network, I’m offended. I don’t know if anything will ever repair my trust in this company. But just taking a stab at it, I’d say $16 million would help.”

Democratic senator Adam Schiff shared his feelings on the cancellation, who said in a post on X (formerly Twitter): “Just finished taping with Stephen Colbert who announced his show was cancelled. If Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better.”

The Late Show with Stephen Colbert has been one of the highest-rating US late night talk shows, topping the viewership charts for nine consecutive seasons as of 2025. LateNighter.com also reported that as per Nielsen ratings, The Late Show with Stephen Colbert was the only late night chat show programme over the first quarter of 2025 to increase its viewership.