CBS announced on July 17, 2025, that The Late Show with Stephen Colbert will air its final episode in May 2026, bringing an end to one of late-night television’s most prominent franchises. The decision comes after 33 years of the Late Show brand and marks a major shift in the network’s late-night strategy.
CBS cited financial pressures as the primary reason for ending the program, noting that the show had been losing roughly $40 million annually and that advertising revenue had declined amid competition from streaming platforms and digital media. Despite maintaining top ratings in the late-night category for nine consecutive years, the changing media landscape and evolving viewer habits contributed to the decision.
Industry observers also highlight broader corporate changes, including the merger of Paramount Global and Skydance Media, as a factor in CBS’s programming adjustments. While some reports suggested that Colbert’s outspoken criticism of a $16 million settlement involving former President Donald Trump may have influenced timing, the network emphasized that the cancellation was financially motivated and not politically driven.
During the July 17 episode, Colbert delivered a heartfelt announcement to his audience, who initially thought the news was part of a comedic segment. He clarified that the show’s end would be a full retirement of the franchise, rather than a replacement with a new host or format. The final broadcast in May 2026 will close a significant chapter in American late-night television, celebrating decades of interviews, comedy, and cultural commentary.
