CBS Cancels Late Show Amid $40M Annual Loss, Paramount-Skydance Merger Talks

CBS announced the cancellation of The Late Show with Stephen Colbert, effective next May, marking a significant moment in the decline of traditional late-night television as audiences shift towards streaming, podcasts, and digital platforms. Colbert's show, which followed David Letterman's tenure, struggled with ratings, drawing around 2.4 million viewers compared to historic highs of 17 million during Johnny Carson's era. The decision came soon after CBS settled a $16 million lawsuit with President Donald Trump over allegations of biased editing, fueling Democratic criticism that the cancellation was politically motivated to curry favor with the Trump administration amid a pending Paramount-Skydance merger requiring FCC approval. This development reflects broader changes in late-night entertainment, where political humor has migrated to online platforms and podcasts, and traditional formats face waning relevance and revenue. Hosts like Colbert and Jon Stewart have responded with profane and pointed critiques, underscoring the tension between legacy media and the evolving landscape of political commentary. The end of Colbert's Late Show symbolizes the fading era of network late-night TV, as conservative alternatives and digital media capture audiences traditionally held by these programs.