Late-night legacy comes to a close after three-decade run, as Colbert says “I’m not being replaced. This is all just going away.”
CBS has taken the decision to retire The Late Show with Stephen Colbert in May 2026, marking a significant and symbolic exit from the late-night arena after more than 30 years of original programming. The network announced the decision Thursday, calling it “purely a financial decision” in the face of changing economics and shifting audience behavior.
“We consider Stephen Colbert irreplaceable and will retire The Late Show franchise in May of 2026,” CBS executives said in a statement. “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.”
Colbert, who was informed of the move Wednesday night, broke the news to his studio audience during Thursday’s taping. “It is a fantastic job. I wish somebody else was getting it,” he said, thanking CBS executives and the show’s 200-member staff. When the crowd booed, Colbert responded, “Yeah, I share your feelings. It’s not just the end of our show, but it’s the end of The Late Show on CBS. I’m not being replaced. This is all just going away.”
The decision ends a legacy that began in 1993 when CBS lured David Letterman from NBC, creating a bold late-night rival to The Tonight Show. Since then, The Late Show has seen multiple eras, from Letterman’s irreverent interviews to Colbert’s politically sharp monologues.
The move also comes amid turbulence in late night overall. Networks are grappling with a shrinking pool of linear TV viewers, particularly among the young demographics that late-night shows have historically courted. Audiences increasingly catch up on segments through social media and streaming, diminishing the value of a nightly time slot.
There’s also speculation about whether the network’s new ownership dynamics played a role. Skydance Media, under David Ellison, is set to acquire CBS parent company Paramount Global. Ellison has reportedly shown interest in conservative politics, raising concerns among fans and political figures that Colbert’s progressive commentary might have been a factor.
“If Paramount and CBS ended The Late Show for political reasons, the public deserves to know. And deserves better,” said California Senator Adam Schiff in a post following a recent appearance on the show.
Earlier this year, CBS canceled its 12:30 a.m. companion show After Midnight, hosted by Taylor Tomlinson. While CBS had explored a third season, Tomlinson stepped away to focus on stand-up comedy.
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