After more than three decades as a late-night television institution, CBS has announced the surprising decision to conclude its venerable “The Late Show” franchise in May 2026. The move, which will see current host Stephen Colbert sign off, marks the end of an era for the network’s late-night programming and is being attributed to “purely a financial decision against a challenging backdrop in late night television.”
The announcement, which broke on Thursday, sent ripples of shock and disappointment through the entertainment industry and among the show’s dedicated viewership. Stephen Colbert, who took the reins from original host David Letterman in 2015, delivered the news to a visibly stunned live studio audience at the Ed Sullivan Theater in New York, eliciting boos and cries of “no.”
“Yeah, I share your feeling,” Colbert told his audience during his monologue, acknowledging their dismay. “It’s not just the end of our show, but it’s the end of ‘The Late Show’ on CBS. I’m not being replaced. This is all just going away.”
The show’s cancellation brings to a close a storied run that began in 1993 with the highly publicized arrival of David Letterman to CBS, following his departure from NBC’s “Late Night.” Letterman’s quirky, often irreverent style redefined late-night television, earning him numerous Emmy Awards and a loyal following. Stephen Colbert then seamlessly transitioned into the role, bringing his sharp political wit and incisive commentary to the desk, particularly during the turbulent political landscape of the past decade. Under Colbert’s tenure, “The Late Show” consistently garnered strong ratings, often leading the competitive late-night pack.
Despite its strong performance and critical acclaim, CBS insists the decision is purely economic. “This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters,” read a joint statement from CBS executives George Cheeks, Amy Reisenbach, and David Stapf. The statement also praised Colbert as “irreplaceable” and pledged to “retire The Late Show franchise at that time.”
However, the timing of the announcement has raised eyebrows and fueled speculation within the industry. The news comes just two weeks after CBS’s parent company, Paramount Global, settled a lawsuit with President Donald Trump, a frequent target of Colbert’s sharp political humor. Some observers, including prominent political figures like Senator Adam Schiff and Senator Elizabeth Warren, have publicly questioned if political motivations played a role in the decision, despite CBS’s denials.
Paramount Global has been facing significant financial pressures, including recent layoffs across its workforce. Sources close to the network have indicated that despite its high ratings, “The Late Show” has become unprofitable due to falling advertising revenues, a common challenge across the evolving late-night television landscape. CBS had previously canceled “The Late Late Show with James Corden” in 2023, citing similar financial concerns.
For 33 years, “The Late Show” has been a staple of American culture, providing a nightly blend of comedy, celebrity interviews, and political commentary. Its departure will leave a significant void in CBS’s programming lineup and marks a watershed moment for the late-night genre as networks grapple with changing viewership habits and economic realities. As Stephen Colbert prepares for his final season, the industry watches to see how the legacy of “The Late Show” will endure, and what new formats will emerge to fill the silence in the years to come.