Stephen Colbert’s Late Show is ending after nearly a decade at the top of the ratings. CBS insists this is a financial decision. Of course, everyone else is wondering if something more political may be at play. And the President of the United States is celebrating the news. Donald Trump took to Truth Social to cheer Colbert's upcoming exit.

"I absolutely love that Colbert got fired," he wrote, adding, "I hear Jimmy Kimmel is next."

CBS Says It’s All About Business

CBS announced on July 17 that The Late Show will end in May 2026, citing a challenging environment in late-night television. “This is purely a financial decision against a challenging backdrop in late night,” the network said.

Other late-night shows have also cut back, according to AdWeek, due to rising production costs, falling ad revenue, and shifting audience habits.

But The Late Show is not struggling. Colbert’s program remains the number one late-night show on broadcast television, averaging 2.42 million viewers and increasing its audience in 2025 while competitors lost ground.

See the full statement from CBS leadership below:

“‘THE LATE SHOW with STEPHEN COLBERT’ will end its historic run in May 2026 at the end of the broadcast season. We consider Stephen Colbert irreplaceable and will retire ‘THE LATE SHOW’ franchise at that time. 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.

Our admiration, affection, and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult. Stephen has taken CBS late night by storm with cutting-edge comedy, a must-watch monologue and interviews with leaders in entertainment, politics, news and newsmakers across all areas. The show has been #1 in late night for nine straight seasons; Stephen’s comedy resonates daily across digital and social media; and the broadcast is a staple of the nation’s zeitgeist.

The accomplishments of ‘THE LATE SHOW with STEPHEN COLBERT’ are memorable and significant in performance, quality and stature. With much gratitude, we look forward to honoring Stephen and celebrating the show over the next 10 months alongside its millions of fans and viewers.”

Did Colbert’s Trump Joke Push Too Far?

The timing of the cancellation has raised eyebrows. Just three days before the announcement, Colbert mocked CBS’s parent company for paying former President Donald Trump $16 million to settle a lawsuit. On air, Colbert called the payment a “big fat bribe.”

Paramount, which owns CBS, is seeking regulatory approval for a merger with Skydance Media. Approval depends on the Federal Communications Commission, currently led by Trump appointees.

Senators Elizabeth Warren (D-MA) and Adam Schiff (D-CA) are publicly questioning whether Colbert’s criticism played a role. Both suggested the cancellation could be seen as retaliation for his outspoken commentary.

Canceling a Top Show Is Rare

Industry analysts note that canceling the number one show is unusual. Networks under financial pressure typically cut budgets or reduce the frequency of episodes. CBS chose instead to end The Late Show completely without announcing a replacement.

The Guardian reported that the decision could signal what it called “a worrying cultural power of Trump” to influence media corporations.

“This is not just about late night anymore,” one analyst told Axios. “It is about whether political voices can survive when corporate mergers are on the line.”

The Bottom Line

CBS maintains this is a business decision shaped by the economics of late-night television. Critics argue the timing, combined with Colbert’s remarks about Trump and Paramount’s merger process, makes the move difficult to dismiss as a coincidence.

There is no direct evidence of political interference. However, with lawmakers and analysts calling for answers, Colbert’s final season may become a test of how much influence politics has over corporate media and free expression.