"Next year will be our last season,” the late-night talk show host announced Thursday, July 17. "The network will be ending 'The Late Show’ next May."

Welcome To The Late Show OR The Mentalist by The Late Show with Stephen Colbert on YouTube. His monologue included a bit with CBS President Leslie Moonves, who jokingly held a switch that could ...

Colbert confirmed the cancellation during a show taping on Thursday. CBS said the move was "purely a financial decision against a challenging backdrop in late night."

The announcement came after Colbert spoke out against CBS Global settling with President Trump. Network executives said the decision to cancel "Late Night" was "purely a financial decision."

CBS said it is canceling “The Late Show with Stephen Colbert” at the end of the upcoming television season in May, a casualty of industry changes that have dealt a crippling blow to advertising revenue.

The problem began at the tail end of the station's prime time programming at 9:13 p.m., but it didn't interfere with the 10 p.m. newscast because that's locally generated, Chastain said.

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 went off on his employer, Paramount, on Monday after the company decided to settle with President Trump in his lawsuit against the network.