CBS Cancels: Late Night With Colbert

CBS has announced that The Late Show with Stephen Colbert will end in May 2026 at the conclusion of the 2025-26 TV season, marking the end of the Late Show franchise that began with David Letterman in 1993. 

The decision, described as a “purely financial” one by CBS executives George Cheeks, Amy Reisenbach, and David Stapf, is driven by the challenging economics of late-night television, not the show’s performance or content. 

The Late Show has been the highest-rated late-night talk show for nine consecutive seasons, averaging 2.8 million viewers, but faces a declining audience and rising production costs, exacerbated by cord-cutting and competition from digital platforms.

CBS cited the high costs of producing late-night shows as a key factor, with media companies increasingly wary of the format’s profitability as younger audiences shift to digital and streaming platforms. Late-night TV has seen significant changes, with The Tonight Show reducing to four nights a week, Late Night losing its band, and CBS previously canceling The Late Late Show without a direct replacement.

The Late Show remains a critical and commercial success, retaining its #1 status in late-night ratings since 2016 and earning 26 Emmy nominations, including Outstanding Variety Talk Series annually since 2017. Its YouTube channel and Paramount+ streaming bolster its digital presence, with full episodes available on-demand and clips dating back to 2015.