The 'Late' Show: End of an era as CBS cancels Trump critique's Stephen Colbert's popular show - here is why

CBS has announced that it will end 'The Late Show with Stephen Colbert' in May 2026, marking the network’s exit from late-night television. The decision, which CBS says is based on financial concerns, comes despite the show being one of the highest-rated programs in the late-night slot.The cancellation has drawn significant attention, especially as it follows a recent legal settlement between CBS’s parent company, Paramount and President Donald Trump. That settlement, combined with Paramount’s upcoming merger with Skydance Media, has raised questions about Colbert’s future particularly given his outspoken criticism of Trump.In his return to the show earlier this week, Colbert condemned the Paramount's settlement with Trump, comparing it to a "big fat bribe."CBS however, have issued a statement emphasizing that the show’s cancellation is purely due to financial challenges and not related to the show’s content, performance or politics.Paramount, which owns CBS, laid off 3.5% of its workforce last month. A source close to the network confirmed that falling advertising revenue has made The Late Show unprofitable, as reported by CNN.Colbert shared the news with his audience during a taping on Thursday evening. “Next year will be our last season,” he said. “The network will be ending our show in May. It’s the end of The Late Show on CBS.”The audience was visibly shocked upon hearing the announcement, while some observers immediately raised concerns about Paramount’s motivation.US Senator Adam Schiff, who was a guest on Thursday’s show, wrote in a post on X, “If Paramount and CBS ended The Late Show for political reasons, the public deserves to know. And deserves better.”Colbert expressed gratitude toward CBS and the show’s audience, saying,“I’m so grateful to the Tiffany network for giving me this chair and this beautiful theater to call home. And of course, I’m grateful to you, the audience, who have joined us every night in here, out there, all around the world.”“The Late Show” has been a popular franchise of CBS for over three decades. Originally hosted by David Letterman, who launched the show in the 1990s, it became known for its “Top Ten” lists and quirky segments. Colbert took over in 2015 and brought a sharp edge political humour to the show, especially after Trump’s 2016 election.Colbert’s sharp critiques of Trump helped the show top the late-night ratings, giving CBS its strongest performance in the slot in two decades. He has remained a vocal critic during Trump’s second term, even as CBS faced legal pressure from the president.CBS previously ended 'The Late Late Show' with James Corden in 2023 due to financial concerns. Colbert helped produce a much less expensive replacement show, “After Midnight” which also concluded earlier this year. CBS said that the show ended because its host, Taylor Tomlinson, did not want to host another season.