CBS ends Colbert's Late Show, retires franchise after 11 seasons

CBS is ending The Late Show with Stephen Colbert next spring and retiring the Late Show franchise altogether, a move that closes a run that began with David Letterman in 1993 and leaves the network without a late-night presence for the first time since then. The final episode is scheduled for Thursday, May 21, 2026.

CBS said the decision was “purely a financial decision” and not tied to the show’s performance, its content, or other Paramount matters. That framing matters because Colbert’s show had still been the No. 1 program in late night for nine straight seasons, even as the economics around the hour kept weakening. Colbert told viewers he had learned of the cancellation the night before he announced it and said he shared their shock and disappointment. He also told the audience, “It’s not just the end of our show, but it’s the end of ‘The Late Show’ on CBS.”

The bigger story is that Colbert’s departure looks like more than a personnel change. It marks the possible end of the political-comedy model that powered network late night through the Trump years, when monologues, interviews and viral clips became a daily format for political frustration and partisan satire. Colbert, whose version of The Late Show began in 2015 after he took over from Letterman, became one of the clearest symbols of that turn. In the days before CBS pulled the plug, he called Paramount Global’s $16 million settlement with President Donald Trump over a disputed 60 Minutes interview edit a “big fat bribe,” then joked on air about reported annual losses for the show.

The reaction across late-night TV was immediate and unusually emotional. Jimmy Kimmel posted, “Love you Stephen. F*ck you and all your Sheldons CBS,” while Jimmy Fallon said he was shocked and called Colbert one of the sharpest, funniest hosts ever. Seth Meyers said Colbert was an even better person than a comedian, and Jon Stewart, John Oliver, Anderson Cooper, Adam Sandler and others made surprise cameo appearances in support. Adam Schiff, whose interview aired on the cancellation night, said the public deserved to know if political reasons were behind the move.

Colbert’s exit lands at a moment when network late night is fighting the same pressure that has reshaped the rest of television: younger viewers are getting satire through streaming clips, social feeds and on-demand video, not through a fixed 11:35 p.m. lineup. CBS’s retreat ends a three-decade tradition and underlines a hard truth for broadcast TV: even a show that can still claim the top spot may no longer justify the cost of keeping the franchise alive.