CBS will end “The Late Show with Stephen Colbert” in May 2026 and retire the franchise, citing financial reasons amid late-night TV struggles.
In a surprise announcement, CBS confirmed today that The Late Show with Stephen Colbert will conclude its historic run in May 2026, and the network will retire the Late Show franchise thereafter.
“The Late Show with Stephen Colbert will end its historic run in May 2026 at the end of the broadcast season,” read a joint statement from George Cheeks, Co-CEO of Paramount Global and CEO of CBS; Amy Reisenbach, President of CBS Entertainment; and David Stapf, President of CBS Studios.
“We consider Stephen Colbert irreplaceable and will retire The Late Show franchise at that time. 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.”
Colbert confirmed the news during last night’s taping, quipping, “I’m not being replaced, this is all just going away.” He thanked CBS for giving him “the chair” and expressed gratitude to his team and the audience for their support throughout the show’s more than a decade-long tenure on the network.
CBS executives emphasized that the decision was “purely a financial decision against a challenging backdrop in late night” and “is not related in any way to the show’s performance, content or other matters happening at Paramount.”
The move coincides with the expiration of Colbert’s contract at the end of 2026, and follows closely on fellow late-night host Jon Stewart’s recent contract extension at Comedy Central’s The Daily Show through 2025.
Industry observers have speculated that Colbert’s next move could see him at the helm of The Daily Show, one of late night’s other storied franchises. Stewart himself hinted at that possibility in private conversations, noting that “stranger things have happened.”
The Late Show premiered in August 1993 with David Letterman—who moved from NBC after being passed over for The Tonight Show—and Letterman hosted until his retirement in May 2015. Colbert, formerly of The Daily Show and The Colbert Report, took over that September.
The announcement arrives as Skydance, led by David Ellison, is in the process of acquiring Paramount Global. While Colbert’s outspoken criticism of corporate decisions—including his remarks on Paramount’s $16 million settlement of Donald Trump’s lawsuit—led some to question potential political motivations, CBS insists the cancellation is strictly a business decision.
As the late-night landscape continues to evolve—with CBS also recently axing After Midnight, the successor to The Late Late Show—Colbert’s farewell marks the end of an era for one of television’s longest-running franchises.
