With CBS and Stephen Colbert announcing The Late Show will end in 2026, late night TV is becoming more of a graveyard shift. But the writing has been on the wall (and the internet) for a while now.
The news of the Late Show cancellation comes amid online speculation over hidden political motivations. After all, the show’s end comes as Paramount awaits FCC approval for its multibillion-dollar merger with Skydance Media and only days after Colbert criticized Paramount for paying $16 million—what he called a “big fat bribe”—to settle President Donald Trump’s lawsuit against CBS over a 60 Minutes segment.
However, while that reasoning remains speculation, several other factors are also playing into the demise of late night TV.
Decline of linear
Viewership on traditional linear networks, the home of most late night shows, has been declining for years while streaming continues to reach new milestones. In May, streaming officially passed the combination of cable and broadcast for the first time, according to Nielsen’s The Gauge data. Then, in June, streamers widened the gap, with streaming accounting for 46% of viewership while broadcast and cable combined for 41.9%.
Showing the dip, in 2015, when Colbert first took over The Late Show, The Tonight Show topped late night TV by averaging close to 4 million viewers a night. For the latest 2024-2025 TV season, Colbert’s Late Show came out ahead of The Tonight Show Starring Jimmy Fallon and Jimmy Kimmel Live, averaging a much lower 2.5 million viewers per night.
Speaking on the condition of anonymity, one ad buyer told ADWEEK that marketplace ad supply losses from The Late Show would be minimal due to prolonged rating erosion.
And while ratings and ad dollars have gone down, costs have gone up.
Decline of ad dollars
According to The Measure, citing data from iSpot and Tubular Labs, Colbert’s Late Show has had the most ad reach of any broadcast program in the late night window of 11 p.m. to 2 a.m., and across all dayparts. Additionally, The Late Show With Stephen Colbert ranks No. 5 for ad reach on CBS for linear.
However, CBS called The Late Show cancellation a “financial decision,” and there is evidence to back that up.