David Letterman first debuted on The Late Show in 1993, with Colbert taking over in 2015. With 10 years of Colbert behind the desk, the show regularly won the Nielsen ratings for late-night broadcast shows and has racked up 33 Emmy nominations, including Outstanding Directing for a Variety Series and Outstanding Talk Series nominations for 2025.
However, Colbert’s exit is just the latest blow for late-night.
Despite the positives, the decline of late-night TV amid rising budgets and dwindling ad dollars has been a constant story in the headlines, with NBCUniversal cutting The Tonight Show down to four days a week in 2024 and CBS opting to end The Late Late Show following James Corden’s exit in 2023.
The Late Show comes to an end as Paramount awaits FCC approval for its multi-billion-dollar merger with Skydance Media. In cost-cutting measures, Paramount also laid off several hundred employees in June.
See the full statement from CBS leadership below:
“‘THE LATE SHOW with STEPHEN COLBERT’ will end its historic run in May 2026 at the end of the broadcast season. We consider Stephen Colbert irreplaceable and will retire ‘THE LATE SHOW’ franchise at that time. 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.
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.
Our admiration, affection, and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult. Stephen has taken CBS late night by storm with cutting-edge comedy, a must-watch monologue and interviews with leaders in entertainment, politics, news and newsmakers across all areas. The show has been #1 in late night for nine straight seasons; Stephen’s comedy resonates daily across digital and social media; and the broadcast is a staple of the nation’s zeitgeist.