Colbert’s ‘Late Show’ Ends After 11 Seasons as CBS Exits Late-Night TV Format

NEW YORK — “The Late Show with Stephen Colbert” airs its final episode Thursday, capping an 11-season run and marking the end of CBS’ participation in the traditional late-night talk show format that has defined network television for decades.

CBS announced the cancellation in July 2025, stating it was a financial decision amid challenges in the late-night landscape. The network will retire the “Late Show” franchise, which began in 1993 with David Letterman, after more than 33 years. Colbert revealed the news to his studio audience that month.

“Next year will be our last season. The network will be ending the Late Show in May,” Colbert said during the announcement. “I’m not being replaced. This is all just going away.”

The finale airs at 11:35 p.m. EDT on Thursday, May 21, 2026. Guests this week have included Jon Stewart, Steven Spielberg, David Byrne and Bruce Springsteen. Details for the final broadcast have not been fully disclosed.

Colbert’s version of the show premiered Sept. 8, 2015, from the Ed Sullivan Theater in Manhattan, succeeding Letterman. It featured a mix of celebrity interviews, comedy sketches and political satire, often focusing on current events. The program won multiple Emmy Awards and led late-night ratings for nine consecutive seasons as of 2025.

CBS cited ongoing losses as the reason for the end. Reports indicated the show lost tens of millions of dollars annually. In a statement at the time of the announcement, CBS executives said: “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.”

Parent company Paramount Global, now part of Paramount Skydance following a merger, faced broader industry pressures including declining linear TV viewership, competition from streaming and YouTube, and shifts in advertising revenue.

Starting Friday, May 22, Byron Allen’s “Comics Unleashed” will occupy the 11:35 p.m. slot under a time-buy agreement with Allen Media Group. Another Allen property, the game show “Funny You Should Ask,” will take the 12:37 a.m. slot. CBS has described the arrangement as interim while it develops other concepts.

The move leaves ABC’s “Jimmy Kimmel Live!” and NBC’s “The Tonight Show Starring Jimmy Fallon” and “Late Night with Seth Meyers” as the primary remaining network late-night talk shows. Fallon’s show reduced to four nights a week in 2024, and Meyers cut his live in-studio band as a cost-saving measure.

Industry observers note declining audiences for traditional late-night programming, particularly among younger viewers who consume content via digital platforms. Late-night shows have struggled to monetize in a fragmented media environment.

Colbert, 61, hosted for more than a decade after transitioning from “The Colbert Report” on Comedy Central. Jon Stewart served as an executive producer. The show maintained a strong focus on news and politics, drawing both praise and criticism for its satirical takes.

In recent interviews, Colbert reflected on the decision. He told The New York Times it felt surprising given the show’s ratings success. “I think we’re the first number one show to ever get cancelled,” he previously remarked.

David Letterman, who hosted the “Late Show” for 22 years, has criticized the network’s handling of the cancellation. Reports indicate he expressed being “pissed off” and referred to CBS owners in strong terms.

The end of Colbert’s run raises questions about the viability of the classic late-night format. Hosts like Kimmel have suggested the genre may evolve but persist in some form. “It would be very surprising to me if it went away entirely,” Kimmel said in a January 2026 speech.

Seth Meyers has expressed similar doubts about new hosts emerging without major changes. Jimmy Fallon has extended his contract through 2028.

CBS plans to return the time slot to local affiliates in some markets after the Allen programming, a shift from decades of network-controlled late-night content.

Colbert has not detailed his future plans publicly. Speculation includes potential streaming projects or other creative endeavors. He has mentioned family time following the finale.

The “Late Show” originated under Letterman in 1993 after he moved from NBC’s “Late Night.” Colbert took over in 2015 following Letterman’s retirement. The franchise aired from the historic Ed Sullivan Theater, which underwent restorations during Colbert’s tenure to highlight its 1927 architecture.

During the COVID-19 pandemic, the show adapted with at-home episodes and later returned to the theater with full audiences. It produced live broadcasts for events like election nights and political conventions.

Ratings data showed Colbert’s show often leading competitors in total viewers and key demographics in recent years, despite overall declines in broadcast late night.

The cancellation announcement came months after Colbert criticized Paramount’s settlement with Donald Trump. Some observers linked the timing to Paramount’s Skydance merger and regulatory approvals, though CBS consistently described the decision as financial.

Byron Allen, a comedian and media executive, campaigned for the slot with his lower-cost syndicated programming. “Comics Unleashed” features stand-up sets without the traditional talk-show elements of monologue, desk and band.

CBS executives, including George Cheeks, have indicated interest in developing new late-night concepts but committed to the cost-effective interim solution.

The broader late-night landscape has seen shifts. Conan O’Brien moved to podcasting after traditional TV runs. Samantha Bee’s show ended in 2022. Streaming and digital platforms have captured more comedy and commentary audiences.

Paley Center curator Jason Lynch described the moment as potentially “the end of an era,” questioning whether current hosts represent the last generation in traditional network late-night roles.

Colbert’s final week featured tributes from colleagues and celebrities. Stewart appeared Tuesday, referencing their long professional relationship and discussing current events.

The Ed Sullivan Theater will go dark for network late-night programming after Thursday’s broadcast. Local CBS stations will fill the slot variably.

Industry analysts point to structural challenges: high production costs for writers, staff, bands and studios against shrinking ad revenue and linear viewership. Younger audiences favor short-form video and on-demand content.

Fox News’ Greg Gutfeld has drawn viewers in an earlier time slot with a conservative-leaning comedy show, offering a contrast in approach and scheduling.

As networks grapple with these economics, the end of “The Late Show” serves as a prominent example of contraction in a longstanding TV institution. CBS maintains it values Colbert’s contributions and looks forward to celebrating the show’s legacy.

Colbert addressed his staff and audience in recent episodes, emphasizing gratitude for the opportunity. In one reflection, he noted moments feeling more precious as the end neared.

The finale Thursday concludes a chapter for broadcast late night, with uncertainty about what, if any, traditional successors will follow across the networks. Affiliates, syndication and digital alternatives are expected to fill voids in programming schedules.