Stephen Colbert Warns 'Gloves Off' After Late Show Cancellation Amid Financial Losses

Stephen Colbert announced the cancellation of The Late Show, which will end in May 2026, amid controversy over CBS's parent company Paramount paying President Donald Trump $16 million to settle a lawsuit. Though CBS claimed the cancellation was purely financial, insiders suggested the show was losing tens of millions annually despite being top-rated, and many speculated the move was influenced by Colbert's outspoken criticism of Trump and the network's settlement. Colbert responded to Trump's public glee over the show's cancellation by delivering a sharp, crude retort and declaring himself a 'martyr' for speaking out. He declared "the gloves are off" for his remaining time on air, promising to speak unvarnished truths about Trump, whom he described as lacking the skill set to be president. The cancellation sparked public protests and drew support from fellow comedians and celebrities, underscoring the tensions between late-night satire and political pressures. Colbert also challenged the financial rationale behind the cancellation, questioning the timing and juxtaposing the reported losses with the settlement paid to Trump.