CBS Cancels The Late Show With Stephen Colbert Amid Strategic Shift

New York, NY — In a surprise move that sent shockwaves through the media industry, CBS announced today it is canceling The Late Show with Stephen Colbert, ending a decade-long run that helped redefine late-night television.

Photo: Scott Kowalchyk/CBS

The decision comes amid broader restructuring within Paramount Global, CBS's parent company, as it navigates declining linear television viewership and mounting pressure to cut costs while accelerating its transition to streaming-first content. Colbert’s final episode will air in December 2025, according to network executives.

Photo: Evan Agostini / Invision / Associated Press

“This was not an easy decision,” said George Cheeks, President and CEO of CBS Entertainment Group, in a statement Friday morning. “Stephen has been a cornerstone of our late-night lineup and a singular voice in American comedy. But the media landscape is evolving rapidly, and we’re realigning our late-night strategy to better serve a multi-platform audience.”

Ratings Strong, But Costs Higher

Despite maintaining strong ratings in the 11:35 PM slot and consistently outperforming competitors like NBC’s The Tonight Show Starring Jimmy Fallon and ABC’s Jimmy Kimmel Live, CBS reportedly weighed the high production costs of The Late Show against its increasingly limited monetization potential on traditional TV.

Colbert, who took over the program from David Letterman in 2015, transformed the show from quirky satire into a pointed, politically charged powerhouse. Under his leadership, The Late Show frequently topped Nielsen ratings and attracted A-list guests including Barack Obama, Taylor Swift, and Pope Francis.

Sources inside the network say the decision wasn’t based on creative dissatisfaction, but rather part of a wider effort to consolidate resources and invest in lower-cost, digital-native formats.

Streaming’s Growing Influence

CBS’s move is part of a larger industry trend, as traditional broadcasters retreat from costly legacy programming to invest in content tailored for younger, streaming-first audiences. Paramount+ has seen a sharp increase in subscribers over the past year, and executives are reportedly exploring a new, more flexible slate of short-form talk, variety, and satire content to debut on the platform in 2026.

A representative for Colbert said the host was “surprised but understanding” of the decision, and that he plans to “explore new opportunities across formats, including streaming, production, and writing.”

What’s Next for Late Night?

Photo: Scott Kowalchyk/CBS

While CBS has not yet announced a successor or what will occupy the coveted late-night slot, sources close to the network say discussions are ongoing about an “experimental, digitally integrated” replacement possibly hosted by a younger, more social-media-savvy talent.

Colbert, who is 61, has not announced any official future plans but hinted in recent interviews at a desire to return to writing or explore more behind-the-scenes work in production. His company, Spartina Productions, has several projects in development with Paramount and other studios.

Industry analysts say the move signals a potential death knell for the traditional late-night format. “The economics no longer make sense,” said Jessica Ramirez, media analyst at Forrester. “The audience is fragmented, and advertisers are going where the eyeballs are YouTube, TikTok, streaming, not network television at 11:30 PM.”

As the curtain closes on The Late Show with Stephen Colbert, it marks the end of an era and perhaps the beginning of a radically different future for comedy in the post-broadcast age.