CBS has announced the cancellation of “The Late Show with Stephen Colbert” after its upcoming 2025-2026 season, concluding an era spanning over three decades. The show's launch in 1993 followed a period of unsuccessful late-night programming for CBS, which initially filled the timeslot with movies and reruns. The network then recruited David Letterman from NBC and later, Stephen Colbert from Comedy Central.
While both Letterman and Colbert's tenures saw periods of success, including achieving top ratings, sources suggest the show faced challenges in recent years, including declining advertising revenue and shifting viewer habits. Reports indicate the show, with a production team of around 200, may have been unprofitable, though CBS and production companies haven't confirmed this. The timing of the announcement, coinciding with Paramount Global's merger with Skydance Media and an increase in Colbert's jokes about Donald Trump, has raised speculation. However, CBS stated: “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.”
The cancellation of “The Late Show” follows a broader trend of cost-cutting at CBS. After James Corden left “The Late Late Show” in 2023, the network canceled the program instead of finding a replacement. CBS, along with NBC and ABC, has reduced the number of original late-night episodes produced weekly from five to four, and several shows have implemented summer hiatuses. The network replaced "The Late Late Show" with "After Midnight", which itself ended in 2025, and now uses "Comics Unleashed" as interim programming.
The decline in viewership of late-night television is attributed to several factors, including the increasing popularity of digital news sources. While networks actively promote their late-night content on digital platforms, monetizing these clips presents challenges. The impact of social media on driving viewership is difficult to measure, and linear TV viewership continues to decline. The future of the “Late Show” timeslot remains uncertain, with several possibilities being considered, including movies, true crime content, Paramount+ promotion, or expanded news programming. CBS might combine these options or even return the timeslot to local affiliates. The network’s decision will likely impact other networks' late-night strategies.
Colbert's future is also uncertain, with various options including another network hosting gig, a streaming show, or an independent digital venture. CBS's move will be closely watched by other networks to assess its impact on viewership, advertising, and profitability. A successful replacement for “The Late Show” could trigger further late-night cancellations or programming changes.