CBS Cancels 'The Late Show with Stephen Colbert,' Citing Financial Reasons
CBS announced the cancellation of 'The Late Show' with Stephen Colbert, with its final episode set for May 2026, attributing the decision solely to financial considerations.
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Overview
- CBS officially announced the cancellation of 'The Late Show' hosted by Stephen Colbert, marking the end of its run on the network.
- The final episode of 'The Late Show with Stephen Colbert' is scheduled to air in May 2026, concluding its tenure.
- Both the network and CBS executives explicitly stated that the decision to cancel the popular late-night program was purely financial.
- Stephen Colbert himself downplayed any speculation linking the show's cancellation to political motivations or pressures.
- The network's dismissal of political theories reinforces their stance that the cancellation was a business-driven choice.
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FAQ
There were recent reports—citing anonymous sources—that claimed the show was losing $40 million annually, but these have been disputed by industry insiders, including fellow host Jimmy Kimmel, and there is no official confirmation from CBS or other credible sources to substantiate the amount[1][2]. The claim is based on leaks and not publicly verifiable financial data[2].
Late-night television ratings have dropped significantly since the pre-pandemic era, with overall advertising revenue more than halving from $439 million in 2018 to $220 million in 2024[2]. While 'The Late Show' maintained top ratings in its time slot, this broader industry decline likely contributed to increased financial pressure on CBS[2].
Colbert acknowledged his surprise at the decision but noted that television shows inevitably end and accepted the reality of the business[3]. He emphasized that the cancellation was not his choice and that his focus is on concluding the show in a satisfying way given its 10-year run[3].
CBS has not provided a detailed public breakdown, but Jimmy Kimmel has argued that focusing solely on advertising revenue is misleading, as affiliate fees and other network revenue streams in the hundreds of millions (if not billions) should also be considered when assessing a show's profitability[1].
Yes, the cancellation is unusual because 'The Late Show' remained the top-rated late-night talk show for nearly a decade; most top-rated shows end either due to host departure or declining popularity, not while dominating their time slot[3].
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