The Real Reason ‘The Late Show With Stephen Colbert’ Was Canceled

Quick Summary

• Cancellation: CBS has confirmed that The Late Show with Stephen Colbert will conclude in May 2026.
• Reason: The decision is based on financial factors, not the show’s performance.
• Future of Late Night: As Colbert’s exit approaches, questions arise about the future of late-night programming.
• Colbert’s Salary: Stephen Colbert’s annual salary was approximately $15 million while hosting the show.

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Late night television is going through major changes in 2025. CBS confirmed that The Late Show with Stephen Colbert will end next year, just weeks after Stephen Colbert picked up another Emmy for Outstanding Variety Talk Series. Over at ABC, Jimmy Kimmel also added to his résumé with a Creative Arts Emmy win for Outstanding Host for a Game Show thanks to Who Wants to Be a Millionaire. But his celebration was short-lived — ABC announced that Jimmy Kimmel Live! has been suspended indefinitely following backlash over Kimmel’s recent on-air remarks about the suspect in Charlie Kirk’s killing.

As viewers come to terms with Colbert’s looming exit and Kimmel’s show being pulled from the schedule, questions are swirling about the future of late night and what might come next.

Below, Hollywood Life has a breakdown of why The Late Show with Stephen Colbert is ending.

Was The Late Show With Stephen Colbert Canceled?

Yes, CBS is canceling The Late Show franchise after more than three decades on the air. Stephen took over the show in 2015, and it was originally hosted by David Letterman.

When Is The Late Show With Stephen Colbert Ending?

The Late Show will end in May 2026, CBS executives announced on July 17, 2025.

Why Is The Late Show With Stephen Colbert Ending?

CBS decided to gut The Late Show with Stephen Colbert due to financial reasons, network executives explained in a statement released on July 17, 2025, obtained by Variety.

“We consider Stephen Colbert irreplaceable and will retire The Late Show franchise in May of 2026,” CBS executives said. “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.”

The executives added, “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 merger between Paramount Global — the parent company of CBS —  and Skydance Media is expected to close this year.

Paramount has doubled down on its claim that canceling Stephen’s show was financial. Despite facing criticism from Stephen himself, the network has maintained its answer, with Paramount Global TV Media Chairman George Cheeks following up about the situation.

“The challenge in late night is that the advertising marketplace is in significant secular decline,” George said in an August 2025 press conference, per TV Insider. “We are huge fans of Colbert, we love the show, unfortunately, the economics made it a challenge for us to keep going.”

Is Stephen Colbert Leaving The Late Show?

Stephen did not leave The Late Show voluntarily. Per Variety, the comedian was informed of CBS’ decision on July 16, 2025, and he informed the audience at the next episode’s taping.

What Is Stephen Colbert’s Late Show Salary?

Stephen is reported to have made a salary of around $15 million per year with CBS while hosting The Late Show.