CBS Cancels Stephen Colbert Late Show Ending 2026 Amid $40M Loss

CBS announced that "The Late Show with Stephen Colbert" will end in May 2026, citing financial reasons amid a challenging late-night landscape. The decision has sparked polarized reactions, with President Trump celebrating the cancellation and promising more attacks on Colbert, while Colbert and other comedians vow to intensify their political commentary during the show's remaining run. Critics from both sides argue the cancellation was politically motivated, especially given Paramount Global's recent $16 million settlement with Trump and its ongoing efforts to secure a merger requiring Trump administration approval. Kevin O'Leary echoed financial criticisms, calling the show "old" and "dead," and predicted Colbert could be fired earlier than scheduled. CBS insists the cancellation is not related to content or political pressure, but the timing and surrounding controversies have fueled skepticism. The final season will mark the end of a long-running franchise that has faced declining viewership and accusations of partisanship, with Colbert’s critics blaming his heavily politicized approach for alienating potential audiences.