Colbert notably clowned Paramount and described the settlement as a “big fat bribe” on Monday’s show, jokes that sparked speculation that the program’s cancellation was politically motivated and led the show’s union to call for an investigation into CBS’ decision.

Even CNN’s Brian Stelter, no fan of Trump, said as much, writing: “The bottom has indeed been falling out of the late-night TV business model for several years now. Audience fragmentation and digital competition have led to a decline in ad revenue across the board. One insider described it as ‘cratering’ at CBS.”

A new report from Puck's Matt Belloni is shedding light on the finances that led to CBS' bombshell cancellation of "The Late Show with Stephen Colbert."

"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."

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."

When it was announced in 2014 that Stephen Colbert would succeed David Letterman as host of the CBS “Late Show,” reaction was mixed. Letterman, who retired after helming the talk show for 22 years, had a loyal audience. At that point, Colbert was best known for playing a satirical version of himself on Comedy Central’s “The Colbert Report.”

CBS parent Paramount insists that this week's decision to cancel Steven Colbert's “Late Show” was strictly financial, and had nothing to do with politics.

The news of “ The Late Show ’s” cancellation by CBS doesn’t just end a franchise that had, to this point, lasted more than 30 years. It looks like the beginning of the end of an entire category of television. With one network now opting out of late-night talk entirely, how long will it be before the genre just goes away?

The end of the 'Late Show' franchise is a major blow for a once-beloved TV format, which has lost relevance and advertising dollars.

Stephen Colbert Fans Panic Over 'Favorite' Collab's Future After 'The Late Show's End first appeared on Parade on Jul 18, 2025 This story was originally reported by Parade on Jul 18, 2025, where it first appeared.