The network has called the cancellation “a purely financial decision”—but it feels like only the beginning of the end for an entire genre.

CBS is axing “The Late Show With Stephen Colbert” in May 2026, the host told an audience at a taping Thursday.

"We consider Stephen Colbert irreplaceable and will retire ‘THE LATE SHOW’ franchise at that time," CBS executives said in a joint statement. "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.