CBS Cancels The Late Show with Stephen Colbert, Citing Cost-Cutting as the Key Reason

Stephen Colbert’s beloved late-night show is coming to an end.

CBS announced its plan to cancel “The Late Show With Stephen Colbert” after the next TV season in a statement on Thursday, July 1 .

The network claimed it was “purely a financial decision.”

Stephen Colbert on The Late Show.
The decision was made public on Thursday, July 1 .CBS via Getty Images
“We consider Stephen Colbert irreplaceable and will retire ‘The Late Show’ franchise in May of 2026,” CBS executives’ statement read. “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,” the announcement concluded.

Colbert addressed the situation during the taping of Thursday’s show at the Ed Sullivan Theatre in New York, sharing that he learned the news on Wednesday evening.

Delivering the news from his iconic “Late Show” desk, the television host said he was appreciative to the network for giving him a platform.

As the audience booed, Colbert chimed in, “Yeah. I share your feelings.”

Prince Harry on The Late Show with Stephen Colbert.
The network said it was “purely a financial decision.”CBS via Getty Images

Stephen Colbert on The Late Show.
Stephen Colbert’s first “Late Night” show aired in September 2015.CBS via Getty Images
He continued to explain, “I’m not being replaced, this is all just going away.”

“I do want to say that 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. … And I am extraordinarily, deeply grateful to the 200 people who work here,” Colbert continued.

“We get to do this show for each other, every day, all day,” he added. “It is a fantastic job. I wish someone else was getting it.”

Kamala Harris on The Late Show with Stephen Colbert.
Stephen Colbert addressed the news during Thursday’s taping.CBS via Getty Images

Stephen Colbert speaking onstage.
He took over CBS’ “Late Night” after David Letterman’s exit in 2015.Getty Images for Montclair Film and North to Shore Festival
CBS’ decision marks the end of the network’s historic late-night programming, which started when David Letterman jumped ship from NBC in 1993 to host “The Late Show With David Letterman.”

Colbert took over the show when Letterman left in 2015. He’s been a consistent ratings leader for the network ever since.

The star has hosted nearly 1, 00 episodes over the span of almost 10 seasons. His first show aired on Sept. 8, 2015.

Stephen Colbert on The Late Show.
The show has remained a ratings front-runner over its 10-season run.CBS via Getty Images

Stephen Colbert on The Late Show.
Paramount Global and CBS recently settled a massive lawsuit filed by President Trump.CBS via Getty Images
Before his stint on “The Late Show,” Colbert starred on “The Daily Show” and “The Colbert Report.”

There were already rumblings that Colbert might be on the chopping block, as Skydance Media is slated to acquire Paramount Global, CBS’ parent company.

This is just another blow to CBS, which recently settled a lawsuit with President Trump in order to keep the peace and save the Skydance-Paramount merger.

The network already canceled “After Midnight” with comedian Taylor Tomlinson, which replaced “The Late Late Show with James Corden,” after just two seasons.

As for its competing networks, ABC’s “Jimmy Kimmel Live!” is set to film its final season of a three-year deal in fall, and NBC’s Jimmy Fallon and Seth Meyers signed deals last year to continue their shows through 2028.