Catching Up: CBS Cancels “The Late Show with Stephen Colbert”

CBS described the decision as purely financial due to declining ad revenue and high production costs. At the same time, Paramount is seeking federal approval for its merger with Skydance Media.

Terrence Dorsey

Jul 19, 2025

Photo: Scott Kowalchyk/CBS Broadcasting Inc.

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Date: July 17-18, 2025
Topic: The Cancellation of “The Late Show with Stephen Colbert” and the State of Late-Night Television
Summary: CBS announced the cancellation of “The Late Show with Stephen Colbert,” effective May 2026, citing the decision as purely financial due to declining ad revenue and high production costs in the evolving media landscape. This move has sparked widespread speculation and concern among staff, fans, and political figures, who question whether the decision was influenced by political considerations. These suspicions stem from CBS parent company Paramount’s recent $16 million settlement with Donald Trump, which Stephen Colbert publicly criticized, especially as Paramount seeks Trump administration approval for its merger with Skydance Media. The cancellation highlights the challenges facing traditional late-night television in the age of streaming and digital content.

Sources

Key Points

Cancellation Announcement: All articles confirm that CBS announced the cancellation of “The Late Show with Stephen Colbert,” with the show set to conclude in May 2026.
CBS’s Official Stance: Every source reports CBS’s statement that the cancellation was “purely a financial decision,” unrelated to the show’s performance or content.
Declining Late-Night TV Business Model: All articles discuss the broader challenges facing network late-night television, including declining ad revenue, audience fragmentation, and the shift of viewers to digital and streaming platforms.
Suspicions of Political Motivation: A common theme across all articles is the widespread skepticism regarding CBS’s financial-only explanation, with many suggesting a connection to Paramount’s recent $16 million settlement with Donald Trump and the company’s pending merger with Skydance Media, which requires Trump administration approval.
Stephen Colbert’s Criticism of Settlement: All articles highlight Stephen Colbert’s public condemnation of the settlement, which he called a “big fat bribe.”
Donald Trump’s Reaction: Every article notes Donald Trump’s celebratory social media post regarding the cancellation.
Impact on Staff and Fans: The articles convey the shock and sadness among the show’s 200 staff members, the studio audience, and a wide array of fans, celebrities, and political figures.

Unique Highlights

The New York Times: Provides specific financial details, stating “The Late Show” was racking up losses of tens of millions of dollars a year and lost $50 million in ad revenue over a period, costing more than $100 million annually to produce. It also details the internal timeline of the decision, noting CBS President George Cheeks decided in recent weeks, Stephen Colbert learned Wednesday night, and Paramount controlling shareholder Shari Redstone learned Thursday. The article includes direct quotes from Jimmy Kimmel and Jon Stewart on the difficult late-night landscape.
CNN: Characterizes the decision as “agonizing” for CBS executives. It highlights the familial and political ties of Skydance Media’s David Ellison to President Trump and mentions Ellison’s meeting with FCC officials to discuss Skydance’s commitment to unbiased journalism. The article suggests Stephen Colbert, as an executive producer of “After Midnight,” had some financial visibility but was not given much time to suggest cost savings. It also quotes Senator Elizabeth Warren calling for an investigation into the cancellation.
The Washington Post: Offers detailed context on the “60 Minutes” lawsuit settlement with Donald Trump, explaining it stemmed from an edited Kamala Harris interview, and that the $16 million goes to Trump’s future presidential library, with Paramount also agreeing to release future transcripts of presidential candidate interviews. It notes the resignations of “60 Minutes” top producer Bill Owens and CBS News chief Wendy McMahon. The article provides specific Nielsen ratings for “The Late Show” (2.417 million viewers) and includes reactions from director Judd Apatow, musician Jon Batiste, and comedian Andy Richter.
The Wall Street Journal: Provides a precise annual loss figure for “The Late Show” at about $40 million and states Stephen Colbert’s annual salary is $20 million. It specifies that CBS executives opted to cancel the show “around July 4.” The article quotes Rob Burnett, a former executive producer for “Late Show with David Letterman,” who explicitly states he doubts financial considerations were the sole reason for the cancellation, implying political motives. It also mentions that NBC’s “Late Night with Seth Meyers” lost its in-studio band as a cost-cutting measure.
Fox News (Liberals, journalists, and celebs ‘extremely sad’ over late-night ally Colbert getting the boot from CBS): Focuses heavily on the emotional reactions and skepticism from liberal figures, journalists, and celebrities, quoting a wide array including Rachel Zegler, Adam Scott, Ben Stiller, Katie Couric, Jim Acosta, Jemele Hill, Ben Collins, and John Avlon. It highlights the show’s role as a “reliable destination for progressive views, anti-Republican talking points and friendly Democratic interviews.” The article also includes Jimmy Kimmel’s strong reaction, “Love you Stephen. F— you and all your Sheldons CBS.”
Fox News (Trump celebrates Colbert getting booted by CBS in gleeful Truth Social post): Provides Donald Trump’s full Truth Social post, including his criticisms of Jimmy Kimmel and Jimmy Fallon, and his praise for “Gutfeld!”. It then claims Fox’s “Gutfeld!” as late-night’s highest-rated program.

Note that this claim may not hold up to scrutiny. See TV Insiders’ “Late Night Ratings Revealed: Who’s Top & Who’s Lagging Behind?” for ratings details.

Contrasting Details

Specific Financial Loss Figures: While The New York Times states “The Late Show” was losing “tens of millions of dollars a year” and lost “$50 million in ad revenue” over a period, The Wall Street Journal provides a more precise figure of “about $40 million a year.”
Timing of Cancellation Decision: The New York Times indicates that CBS President George Cheeks decided “in recent weeks,” whereas The Wall Street Journal specifies that CBS executives opted to cancel the show “around July 4.”
Primary Reason for Cancellation: While CBS (as quoted in all articles) maintains the decision was “purely financial,” there is a strong contrasting interpretation among sources and individuals quoted. The New York Times notes “questions lingered… whether political calculations… had played a role.” CNN reports that while CBS insiders insist it was financial, “Many observers have huge doubts.” The Washington Post notes that reader comments “overwhelmingly express skepticism and disbelief” regarding the financial claim. The Wall Street Journal quotes Rob Burnett, a former executive producer, who explicitly states he “doubts financial considerations were the sole reason.” Fox News (Liberals, journalists, and celebs…) highlights the widespread skepticism from various figures, with Jim Acosta’s sarcastic “Sure, Jan” and comments from Jemele Hill and Ben Collins suggesting political motives.

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