“Gutfeld!” Soars to No. 1 as CBS Cancels The Late Show — Colbert’s Reign Ends, and a New Late-Night Leader Emerges

In a dramatic shakeup for late-night television, CBS has officially announced that it will retire “The Late Show” franchise in May 2026, bringing an end to Stephen Colbert’s celebrated tenure. The decision comes amid a shifting landscape in late-night programming, with Fox News’s “Gutfeld!” surging ahead in the ratings to become the new leader in the time slot.

CBS to Retire “The Late Show” and Colbert’s Legacy

On Thursday, CBS, owned by Paramount Global, revealed that “The Late Show with Stephen Colbert” will end in May 2026. The network cited a “challenging backdrop in late night” as the primary reason for the move, emphasizing that the decision was “purely financial” and not related to the show’s performance or any other issues at Paramount.

“We consider Stephen Colbert irreplaceable and will retire The Late Show franchise at that time. We are proud that Stephen called CBS home,” the network said in a statement. “He and the broadcast will be remembered in the pantheon of greats that graced late-night television.”

CBS further clarified, “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.”

Stephen Colbert, who took over from David Letterman in 2015, addressed the news with his studio audience during Thursday’s taping in New York.

“Before we start the show, I want to let you know something I found out just last night,” Colbert said. “Next year will be our last season. The network will be ending The Late Show in May. It’s not just the end of our show, but it’s the end of The Late Show on CBS. I’m not being replaced. This is all just going away. The folks at CBS have been great partners. 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.”

CBS expressed its admiration and gratitude for Colbert and his team, calling the decision “agonizing” and praising their talent and dedication.

“Gutfeld!” Surges to the Top

While CBS prepares to sunset one of its flagship programs, Fox News’s “Gutfeld!” has emerged as the dominant force in late-night television. In the second quarter of this year, “Gutfeld!” averaged an impressive three million viewers, including 365,000 in the key 25-54 age demographic. This marks the second-highest rating in Fox News’s history for a late-night show.

By comparison, “The Late Show with Stephen Colbert” came closest among the competition, drawing nearly 1.9 million total viewers and 280,000 in the 25-54 demographic. ABC’s “Jimmy Kimmel Live!” averaged 1.5 million viewers, while NBC’s “Tonight Show” hosted by Jimmy Fallon attracted around one million viewers on average.

The End of an Era and the Rise of a New Contender

Stephen Colbert’s departure will mark the end of a significant era in late-night television. Since 2015, Colbert has brought his unique blend of wit, satire, and political commentary to “The Late Show,” becoming a staple of the genre and earning a devoted following.

As CBS prepares to say goodbye to Colbert and the iconic franchise, the late-night landscape continues to evolve. With “Gutfeld!” now leading the ratings and other networks adjusting their strategies, the future of late-night television promises to be dynamic and unpredictable.

What do you think about the end of “The Late Show” and the rise of “Gutfeld!”? Share your thoughts below.