The announcement that CBS will cancel The Late Show with Stephen Colbert in May 2026 has sparked widespread outrage and suspicion. CBS’s official explanation that the decision was “agonizing” and “purely financial” has been met with skepticism. The move comes as late-night television faces significant challenges, but the cancellation of this flagship program reveals deeper political and economic currents at play.
The Late Show debuted in 2015, with Stephen Colbert transitioning from The Colbert Report on Comedy Central, where he famously parodied right-wing punditry. Following the 2016 election of Donald Trump, Colbert became a prominent voice of liberal dissent, using his platform to critique Trump’s administration. Despite its success, CBS has decided to retire The Late Show franchise as part of a strategic pivot toward low-cost programming and streaming-first content.
The Financial and Political Underpinnings
The financial rationale behind the cancellation is evident. Colbert’s show reportedly cost over $100 million annually, with losses ranging from $40 to $50 million each year. However, television history is replete with unprofitable yet strategic productions that networks have maintained for prestige and audience loyalty. More than 250,000 people have signed petitions to “Save Colbert,” highlighting the show’s cultural significance.
The political atmosphere surrounding the decision adds another layer of complexity. Paramount Global, CBS’s parent company, is in the midst of an $8 billion merger with Skydance Media, creating a $28 billion entity named Paramount Skydance Corporation. The merger is under scrutiny by the Federal Communications Commission (FCC), with approval delayed until at least October 2025. The Ellison family, prominent Trump supporters, are key figures in this merger, raising questions about potential political motivations behind the show’s cancellation.
“Mock a Trump bribe on Monday, get canceled by Thursday. The Late Show’s death reveals how billionaires and presidents are reshaping American media.” — The New Republic
Media Landscape and Economic Pressures
The cancellation of The Late Show is emblematic of broader shifts within the media landscape. Advertising revenue for late-night TV plummeted nearly 50 percent between 2018 and 2024, from $439 million to $220 million. Young audiences are migrating to streaming platforms, which, despite their dominance, have yet to fully replace traditional ad-based revenue models.
Paramount’s latest earnings report revealed a $10 million net loss in Q1 2025, with TV media revenue declining by 13 percent. In response, the company has implemented significant layoffs and austerity measures. The dismantling of the late-night genre reflects a strategic shift toward profitability over cultural relevance, with a focus on cheaper, shorter programming.
Implications for Cultural and Political Discourse
The termination of The Late Show is not merely a budgetary decision; it is a symptom of a broader societal malaise. The decision underscores the growing influence of billionaires and political interests over media narratives. Colbert’s critiques of Trump, while resonant with liberal audiences, never questioned the systemic issues that enabled Trump’s rise. His show’s cancellation highlights the precariousness of even mild dissent in an increasingly controlled media environment.
The collapse of late-night television serves as a window into the decay of American democracy and the tightening grip of oligarchic control. It underscores the need for an organized, independent movement capable of defending cultural freedom and democratic rights.
As the media landscape continues to evolve, the termination of The Late Show with Stephen Colbert serves as a stark reminder of the challenges facing cultural and political discourse in the United States. The working class must respond to these developments with renewed vigor and organization to safeguard the possibility of a humane and informed public life.
