CBS’ decision to cut ties with Stephen Colbert and its decades-old “Late Show” franchise come next May will leave a major hole in the format — but one that has been widening. TV networks have been cutting costs at their late-night mainstays for the past few years.

The decision to cancel "The Late Show" was announced by Colbert during a Thursday taping of the show. Paramount Global Co-CEO George Cheeks, CBS president Amy Reisenbach and CBS Studios presidnt David Stapf quickly released a joint statement,

“Given Paramount’s recent capitulation to President Trump in the CBS News lawsuit, the Writers Guild of America has significant concerns that The Late Show’s cancelation is a bribe, sacrificing free speech to curry favor with the Trump Administration as the company looks for merger approval,” it noted (see full statement below).

The announcement came days after Colbert spoke out against the $16 million settlement paid by CBS News parent Paramount to settle a lawsuit filed by Donald Trump.

Prominent political figures as well as Hollywood stars have reacted with disgust over the news that 'The Late Show With Stephen Colbert' will end its run in 2026.

Singer Noah Cyrus performed her new song "Way of the World" on The Late Show with Stephen Colbert Thursday. She wore a long black dress with long black gloves and performed in front of a garden arbor covered in apparent vines.

Colbert’s cancellation came days after he mocked Paramount, which owns CBS, for its $16 million settlement with Trump in a lawsuit many considered meritless. That settlement comes as Paramount attempts a merger with Skydance Media, which requires FCC approval to proceed.

Later, Schiff did address CBS’ decision to cancel Late Show, writing on X, “Just finished taping with Stephen Colbert who announced his show was cancelled. If Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better.”