CBS’ decision to cut ties with Stephen Colbert and its decades-old “Late Show” franchise come next May will leave a major hole in the format — but one that has been widening. TV networks have been cutting costs at their late-night mainstays for the past few years.

The announcement came days after Colbert spoke out against the $16 million settlement paid by CBS News parent Paramount to settle a lawsuit filed by Donald Trump.

President Donald Trump was gleeful over Stephen Colbert's cancellation, saying his "talent was even less than his ratings" on Truth Social.

Colbert followed “The Daily Show” host Jon Stewart’s attack of the deal one week earlier. Stewart works for Comedy Central, also owned by Paramount, making the two comics the most visible internal critics of the $16 million settlement that was announced on July 1.

Stephen Colbert and Jon Stewart slammed Paramount for making a deal with Trump, serving notice they won't be silenced by their parent company.