CBS will end "The Late Show with Stephen Colbert" and retire "The Late Show" franchise in May 2026, the company announced Thursday, calling it "purely a financial decision against a challenging backdrop in late night.

When it was announced in 2014 that Stephen Colbert would succeed David Letterman as host of the CBS “Late Show,” reaction was mixed. Letterman, who retired after helming the talk show for 22 years, had a loyal audience. At that point, Colbert was best known for playing a satirical version of himself on Comedy Central’s “The Colbert Report.”

Colbert shared the news with his studio audience ahead of the show Thursday, telling them CBS canceled the show. Read what he said.