Why is The Late Show with Stephen Colbert ending tonight (May 21)?
We’re explaining what happened.
In July of 2025, Stephen Colbert confirmed that the show would be wrapping up in May of 2026.
CBS said the decision to end Colbert’s show was based on financial pressures facing late-night television. However, it was the timing of the announcement that led to widespread talk because, just before the decision was made, Colbert had criticized Paramount Global over its $16 million lawsuit settlement with Donald Trump. And, at the same time, Paramount was pursuing government approval for its merger with Skydance Media, which caused many to question whether politics were at play here. The network denied this.
The network released a statement confirming why they decided to do away with The Late Show
CBS released the following statement in 2025, explaining the decision.
“‘THE LATE SHOW with STEPHEN COLBERT’ will end its historic run in May 2026 at the end of the broadcast season.We consider Stephen Colbert irreplaceable and will retire THE LATE SHOW franchise at that time. 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. It is not related in any way to the show’s performance, content or other matters happening at Paramount.
Our admiration, affection and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult. Stephen has taken CBS late night by storm with cutting-edge comedy, a must-watch monologue and interviews with leaders in entertainment, politics, news and newsmakers across all areas. The show has been #1 in late night for nine straight seasons; Stephen’s comedy resonates daily across digital and social media; and the broadcast is a staple of the nation’s zeitgeist.
The accomplishments of THE LATE SHOW with STEPHEN COLBERT are memorable and significant in performance, quality and stature. With much gratitude, we look forward to honoring Stephen and celebrating the show over the next 10 months alongside its millions of fans and viewers.”
Stephen himself responded to the theories that the decision was politically motivated.
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