In a shocking sudden announcement, CBS' longtime, iconic "Late Show
with Stephen Colbert” -- the number-one late night show on broadcast TV -- will end after the 2025-2026 TV season in May 2026.
Against the backdrop of a monologue earlier this week where
Colbert joked about Paramount Global’s $16 million settlement with the Trump Administration and the connection to Paramount's deal with Skydance Media, CBS president and co-chief executive of
Paramount Global George Cheeks said in a press release:
“This is purely a financial decision against a challenging backdrop in late night,” he said, adding: “It is not
related in any way to the show’s performance, content or other matters happening at Paramount.”
Some analysts speculate that Colbert’s recent monologue may have been a factor
in the quick decision to pull the show.
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“While I was on vacation, my parent corporation Paramount paid Donald Trump a $16 million settlement over his “60 Minutes”
lawsuit,” Colbert said on the show on Tuesday, July 15.
“As someone who has always been a proud employee of this network, I’m offended. I don’t know if anything will
ever repair my trust in this company,” said Colbert. And then taking a comic twist, he added: “But just taking a stab at it, I’d say $16 million would help.”
Colbert
went on to say: “I believe this kind of complicated financial settlement with a sitting government official has a technical name in legal circles: Big fat bribe. This all comes as
Paramount’s owners are trying to get the Trump Administration to approve the sale to a new owner -- Skydance.”
Then taking a harder comic twist, he added: “Okay, but how are
they going to put pressure on Stephen Colbert if they can’t find him?” as he moved closer to the camera and pointed at his new mustache.
Colbert’s version of “The Late
Show” has been the number one late night 11:35 p.m. show in terms of Nielsen-measured viewers for the last nine seasons.
The most recent Nielsen-measured viewership of “The Late
Show” has been averaging 2.4 million average minute viewers for live program plus seven days of time-shifted viewing (L7). This is followed by ABC’s “Jimmy Kimmel Live” at 1.8
million and NBC’s “The Tonight Show" Starring Jimmy Fallon, with 1.2 million.
National TV advertising revenue over the past 12 months of the show came in at an estimated $58.8
million -- down 3.7% from the year-before period, according to EDO Ad EnGage.
“The Late Show” has been around for 33 years, debuting in 1993. It was originally hosted by David
Letterman, who left the show in 2015 when Colbert took over.