Why Was ‘The Late Show With Stephen Colbert’ Canceled? The Real Reason – Hollywood Life

View gallery

Late-night television went through major changes last year. CBS confirmed that The Late Show with Stephen Colbert will end in May 2026, just weeks after Stephen Colbert picked up another Emmy for Outstanding Variety Talk Series. Since this is the conclusion of The Late Show altogether, CBS announced that comedian Byron Allen is replacing Colbert’s time slot on the network in a buy-time agreement.

As viewers come to terms with Colbert’s looming exit, questions are swirling about the future of late-night and what might come next.

Below, Hollywood Life has a breakdown of why The Late Show with Stephen Colbert is ending.

Was The Late Show With Stephen Colbert Canceled?

Yes, CBS is canceling The Late Show franchise after more than three decades on the air. Stephen took over the show in 2015; it was originally hosted by David Letterman.

When Is The Late Show With Stephen Colbert Ending?

The Late Show will end on May 21, 2026.

Why Is The Late Show With Stephen Colbert Ending?

CBS decided to gut The Late Show with Stephen Colbert due to financial reasons, network executives explained in a statement released on July 17, 2025, obtained by Variety.

“We consider Stephen Colbert irreplaceable and will retire The Late Show franchise in May of 2026,” CBS executives said. “We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late-night television.”

The executives added, “This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount.”

The merger between Paramount Global — the parent company of CBS —  and Skydance Media is expected to close this year.

Paramount has doubled down on its claim that canceling Stephen’s show was financial. Despite facing criticism from Stephen himself, the network has maintained its answer, with Paramount Global TV Media Chairman George Cheeks following up about the situation.

“The challenge in late night is that the advertising marketplace is in significant secular decline,” George said in an August 2025 press conference, per TV Insider. “We are huge fans of Colbert, we love the show, unfortunately, the economics made it a challenge for us to keep going.”

However, at the end of 2025, Paramount’s axing of The Late Show came into question again when Paramount Skydance CEO David Ellison announced a hostile takeover of Netflix’s acquisition of Warner Bros. Discovery.

Is Stephen Colbert Leaving The Late Show?

Stephen did not leave The Late Show voluntarily. The comedian was informed of CBS’ decision on July 16, 2025, and he informed the audience at the next episode’s taping.

What Is Stephen Colbert’s Late Show Salary?

Stephen is reported to have made a salary of around $15 million per year with CBS while hosting The Late Show.