CBS to Cancel ‘The Late Show With Stephen Colbert’ After 2025–2026 Season Amid Budget Cuts

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CBS to End ‘Late Show With Stephen Colbert’ in 2026, Citing Financial Pressures

Network says late-night franchise will retire after Colbert’s final season

CBS announced Thursday that it will cancel The Late Show With Stephen Colbert after the 2025–2026 television season, marking the end of an era in network late-night programming. The decision, described by executives as a “financial one,” signals CBS’s full retreat from original content in the time slot it has occupied for more than 30 years.

“Stephen Colbert is irreplaceable,” the network said in a statement. “We are proud that he called CBS home. This is purely a financial decision and is not related to performance or content.”

A Longstanding Late-Night Legacy Ends

CBS began its modern late-night journey in 1993, when it lured David Letterman away from NBC. That lineage will conclude in May 2026, as the network opts to retire The Late Show entirely rather than replace its host.

The announcement comes amid broader challenges for the late-night format. As younger viewers shift toward digital and on-demand content, the cost of producing nightly talk shows has become harder to justify for traditional networks.

Colbert, who was informed of the decision Wednesday night, shared the news with his studio audience during Thursday’s taping. “It is a fantastic job. I wish somebody else was getting it,” he joked, before thanking his staff and CBS.

Audience members responded with boos. “It’s not just the end of our show—it’s the end of The Late Show on CBS,” Colbert said. “I’m not being replaced. This is all just going away.”

Political Concerns Stir Additional Questions

While CBS maintains the move is purely economic, some observers have raised concerns about potential political motivations. Both Colbert and The Daily Show’s Jon Stewart have been outspoken critics of Donald Trump and conservative politics. That has drawn attention amid the pending acquisition of CBS parent company Paramount Global by Skydance Media, led by David Ellison, who has expressed interest in Trump’s political movement.

Sen. Adam Schiff (D-Calif.), who appeared on Colbert’s program Thursday, wrote on social media, “If Paramount and CBS ended The Late Show for political reasons, the public deserves to know. And deserves better.”

Industry Shift Leaves Fewer Late-Night Options

The late-night landscape has been shrinking in recent years. CBS already canceled After Midnight, the companion show that followed The Late Show, earlier this year. Meanwhile, none of the major late-night programs air new episodes on Fridays anymore.

Though hosts like Colbert, Jimmy Fallon, and Jimmy Kimmel still generate viral moments and occasional ratings wins, their value to networks has diminished amid declining live viewership and rising production costs.

NBC, which still supports Saturday Night Live and The Tonight Show, has tried to reinvigorate its lineup with branded content like On Brand with Jimmy Fallon, aimed at product marketing.

Colbert’s Evolution and Enduring Impact

Colbert joined The Late Show in 2015, transitioning from his satirical conservative persona on Comedy Central to a more authentic hosting style. After a rocky start, his defining moment came during the 2016 election night special, when he embraced more direct political commentary.

The pivot paid off. Colbert’s sharp takes on current events propelled the show to the top of the late-night ratings for several years, often outperforming his rivals.

What Comes Next for CBS?

CBS has not yet announced what will replace The Late Show after Colbert’s departure. The network recently filled its 12:30 a.m. slot with reruns of a syndicated panel show by media executive Byron Allen, suggesting a lower-cost strategy may be the new norm.

Industry insiders expected CBS to make a formal announcement about Colbert’s final season during the May “upfront” advertising presentations, following the model used for other major late-night exits like Johnny Carson and David Letterman. Instead, the quiet rollout has left many puzzled.

As the network rethinks its late-night strategy, fans and media figures alike are left reflecting on what the end of The Late Show means for television, comedy, and political discourse in the streaming era.