In a statement on Thursday, the network said the late-night talk show was being canceled for financial reasons. Those reasons are associated with Paramount's proposed merger with Skydance Media, which requires Federal Communications Commission (FCC) approval under the Trump administration. Paramount is the parent company of CBS.

Network late-night shows have been losing viewers for years, but Colbert‘s program is primed for a ratings bump right now.

On Thursday night, Stephen Colbert announced that CBS has canceled The Late Show. The iconic late-night series, which ran for over 30 years between both Colbert and David Letterman's tenures as host, will end in May 2026.

CBS came under fire after canceling Stephen Colbert‘s The Late Show — but when does the last episode air? Colbert, 61, took over hosting the Late Show franchise following David Letterman’s step back in 2015 and celebrated nearly a decade on the air before shocking viewers with the cancellation news.

Jimmy Kimmel gave a salute to “The Late Show With Stephen Colbert” — and blasted rival network CBS — on Thursday evening, hours after CBS announced that it is canceling Colbert’s series in May 2026 and retiring the “Late Show” brand. “Love you Stephen,” Kimmel wrote on his Instagram story, captioning a clip of Colbert’s …

Here's a look at some of Stephen Colbert's most partisan moments from the past decade after it was announced on Friday that "The Late Show" would end in 2026.