CBS Has Said That Its Decision to Cancel 'The Late Show' Is "Purely Financial"

For roughly a decade now, Stephen Colbert has been a reliable voice in late-night entertainment. The comedian took over for David Letterman when that legendary host retired, and while he made the show much more political, he has also been the most consistently popular host in late-night.

Given that success, it was a genuine surprise when news broke that CBS had canceled the show, which will end in May of 2026. CBS said that the decision to end the show was "purely financial," but some people are struggling to buy that particular company line. Here's what we know about why they canceled The Late Show.

CBS is not just firing Stephen, to be clear; it is canceling the show entirely, meaning that no one will be brought in to replace him.

“We consider Stephen Colbert irreplaceable and will retire The Late Show franchise” in May of 2026, CBS executives said in a statement. “We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late-night television."

"This is purely a financial decision against a challenging backdrop in late night," the statement explained, per Variety. "It is not related in any way to the show’s performance, content, or other matters happening at Paramount.”

It's undeniably true that, as more and more people spend their time streaming instead of watching linear TV, the economics of late-night TV no longer make as much sense as they once did. It's not the only thing happening here, though.

It's impossible to ignore the fact that Paramount, CBS's parent company, recently settled a $16 million lawsuit with Donald Trump, or the fact that Paramount is currently trying to merge with Skydance, a move that needs to be approved by Trump's Federal Trade Commission.

That backdrop has led some to suspect that The Late Show was canceled because Stephen has always been staunchly anti-Trump.

Although it has never admitted so publicly, CBS's decision to settle with Trump for $16 million over claims Trump made that CBS misled the public during a 60 Minutes segment with Kamala Harris (the claim is not backed by much evidence, to say the least) was almost certainly related to the Paramount merger. Those who have criticized the deal say that the settlement was a bribe designed to help the merger go through.

Of course, these subsequent moves by CBS look unavoidably like more steps designed to capitulate to the desires of the administration. Stephen Colbert has been vocally anti-Trump for a decade now, and Trump definitely doesn't like him.

While late night might be dying out as a form more generally, The Late Show was not an obvious choice for the first show on the chopping block. CBS might not have been lying when it said the decision was "purely financial," but that could mean more than one thing.