CBS Cancels Stephen Colbert's Late Show Amid $16M Trump Settlement

CBS announced it will cancel "The Late Show with Stephen Colbert" in May 2026, ending a franchise that began with David Letterman more than 30 years ago. While CBS cited financial challenges as the reason for the cancellation, many critics, including Letterman and Colbert himself, suspect political motivations tied to Paramount Global's $16 million settlement with President Donald Trump over a disputed 2024 interview. Colbert had publicly condemned the settlement as a "big, fat bribe," and the timing of the show's cancellation shortly after his remarks has fueled speculation about executive capitulation to Trump to secure approval for a major merger. Prominent late-night hosts like Jimmy Kimmel, John Oliver, Jimmy Fallon, Seth Meyers, and Jon Stewart have expressed sadness and support for Colbert amid the controversy. Andy Cohen questioned the financial rationale, suggesting CBS could have explored cost-cutting measures rather than canceling such an important late-night program. Letterman responded to the cancellation with a critical video montage of his past jabs at CBS, underscoring longstanding tensions between the hosts and the network.