CBS Cancels Stephen Colbert’s Late Show Citing $40M-$50M Annual Loss

CBS announced the cancellation of "The Late Show with Stephen Colbert" in May 2026 primarily due to significant financial losses, with the show reportedly losing $40–$50 million annually amid a declining late-night television market and shifting audience behaviors. Paramount Global's broader financial struggles, including high net debt and losses from Paramount+, have intensified cost-cutting measures, making expensive productions like Colbert's show untenable. Colbert responded to the cancellation with humor and defiance, suggesting the timing was influenced by his critical commentary on President Donald Trump and the network's recent $16 million settlement with Trump, highlighting tensions between creative expression and corporate decisions. Industry voices and political figures have debated whether the cancellation was purely financial or influenced by political considerations, but all agree the late-night format faces a steep decline in profitability and viewership. The decision reflects larger trends in media consumption, where digital platforms prioritize serialized content over nightly comedy, and traditional broadcast advertising revenue continues to fall. Comparisons have been drawn to Howard Stern's departure from terrestrial radio, illustrating the challenges faced when legacy media personalities move away from traditional platforms.