Stephen Colbert’s late-night reign is coming to an end, but is it really about ratings, or is there more to the story?

At a Glance

• CBS announced the cancellation of *The Late Show with Stephen Colbert* due to financial losses.
• The announcement coincided with CBS’s merger talks with Skydance, owned by a prominent Trump supporter.
• Speculation about political motivations has been rampant among Democratic senators and media figures.
• Late-night TV faces a broader decline due to shifting viewer demographics and financial pressures.

The End of an Era

Stephen Colbert has announced that *The Late Show*, which has been a staple since 2015, will come to a close in May 2026. CBS cited declining viewership and substantial financial losses as primary reasons. The show’s annual production costs reportedly hit $100 million, yet it hemorrhaged $40 million annually due to insufficient ad revenue. This decision reflects broader trends in late-night television, where audiences have migrated towards streaming platforms, leaving traditional TV shows struggling to justify their costs.

The Late Show with Stephen Colbert has been cancelled and will not be replaced

CBS executives have released a statement saying finances are at play

What have we learned after 4 years? pic.twitter.com/CVaOtWkAGB

— Clown Down Under 🤡 (@clowndownunder) July 18, 2025

Colbert’s audience, once the largest in late-night, has aged significantly, with the average viewer now 68 years old. The decline in viewer numbers is an echo of the challenges facing late-night TV, struggling to capture the elusive younger demographic and retain advertising dollars. However, this story has a twist that’s left many wondering about what’s really going on behind the scenes.

The Timing Raises Eyebrows

News of the cancellation came amid ongoing negotiations for a merger between CBS’s parent company, Paramount Global, and Skydance, owned by David Ellison. The timing is suspicious, given that Ellison’s father, Larry, is a staunch Trump supporter. This merger, coupled with a $16 million settlement between CBS and Donald Trump over a “60 Minutes” lawsuit, has set the rumor mill ablaze with speculation of political meddling.

Democratic Senators Adam Schiff, Elizabeth Warren, and Bernie Sanders have not been shy about voicing their suspicions. They’ve taken to social media to question whether political pressure played a role in the decision. They argue that the timing of the cancellation, just as CBS was settling a lawsuit with Trump, is too coincidental to ignore. However, CBS maintains that financial realities, not political agendas, drove their decision.

Watch: Stephen Colbert Announces The Cancellation Of “The Late Show”

Financial Realities or Political Shenanigans?

The broader implications of Colbert’s cancellation highlight the precarious state of late-night TV. The industry is grappling with a dual challenge: declining viewership and rising production costs. Networks are increasingly shifting their focus and resources to streaming services and alternative programming, leaving traditional formats behind. Colbert’s show, despite its high profile, couldn’t escape these harsh economic realities.

Yet, the narrative of political influence refuses to die down. The Ellison family’s connection to Trump has fueled conspiracy theories about the cancellation being a politically motivated move to silence a prominent Trump critic. Despite the lack of concrete evidence, the theory has gained traction, reflecting the ongoing polarization in American media and politics.

The Future of Late-Night TV

The end of Colbert’s show is more than just the closure of a chapter in late-night television; it symbolizes a shift in how audiences consume media. Traditional TV is losing ground to digital platforms, a trend that is likely to accelerate as networks reevaluate their strategies. This cancellation could be a harbinger of more changes to come as networks adapt to the digital age.

For CBS, the immediate future involves navigating the backlash from viewers and commentators alike. The network might face short-term reputational damage, yet the long-term trajectory seems clear: a pivot away from costly late-night productions. For audiences, this marks a cultural shift, as traditional late-night satire recedes in favor of new forms of digital engagement.