Stephen Colbert's 'Late Show' ends with a star-studded goodbye

Stephen Colbert bid farewell to 'The Late Show' with a star-studded final episode. Guests included Bryan Cranston, Paul Rudd, and Paul McCartney. The show was cancelled by CBS, and Colbert is now moving into screenwriting with Peter Jackson.

Stephen Colbert closed the final episode of 'The Late Show with Stephen Colbert' with a star-filled goodbye. The last episode aired on Thursday, May 21, and featured several surprise appearances from Colbert's celebrity friends, PEOPLE said.

A Star-Studded Farewell

The host began the show with his usual funny take on the day's news before Bryan Cranston interrupted his opening monologue.

Bryan Cranston interrupted Colbert's opening monologue and asked to be part of the show. Colbert jokingly told him that the guest list was already full. Cranston then walked out of the theatre and threw his Late Show hat into the crowd.

Paul Rudd also appeared on the show and brought Colbert a retirement gift -- six bananas. Tim Meadows was also seen nearby, hoping to get a chance to appear on the show.

Comedian Tig Notaro was present in the audience and joked that she did not want to be on the show. She said she only liked attending "historic events."

Ryan Reynolds also made a surprise appearance and handed bananas to the keyboard player in Colbert's band.

Colbert also joked that Pope Leo XIV, whom he wanted as a guest, had cancelled because the hot dogs were bad.

The biggest moment of the night came when Paul McCartney appeared as the final guest. He gave Colbert a framed colour photo of The Beatles from their 1964 appearance on The Ed Sullivan Show, which was filmed in the same theatre.

All-Star Segments and Musical Finale

The episode also featured a "wormhole" segment with Jon Stewart, Neil DeGrasse Tyson, John Oliver, Jimmy Fallon, Seth Meyers, Jimmy Kimmel and Elijah Wood.

Elvis Costello and Jon Batiste later joined Colbert for a musical performance. Batiste was the show's first bandleader and musical director from 2015 to 2022.

After Colbert said good night, McCartney and the other musicians returned to perform The Beatles' "Hello, Goodbye."

The End of an Era

Meanwhile, several late-night hosts, including Jimmy Kimmel and Jimmy Fallon, either aired reruns or skipped their broadcasts to keep the focus on Colbert's farewell.

Colbert took over The Late Show from David Letterman in 2015.

Cancellation and Controversy

He announced on July 17, 2025, that CBS had cancelled the show after 30 years on air. The network had called it "purely a financial decision."

CBS had said the show was cancelled due to financial pressure in traditional broadcast television.

However, critics and Colbert himself had hinted at possible political reasons after his criticism of Paramount over a reported USD 16 million legal settlement involving Donald Trump.

Colbert's Next Chapter

After the end of the show, Colbert is now turning his focus to screenwriting. He is co-writing the upcoming The Lord of the Rings: Shadow of the Past with filmmaker Peter Jackson, writer Philippa Boyens and Jackson's son Peter McGee.

The Late Show with Stephen Colbert first premiered in 2015 and went on to become one of the most watched late-night talk shows in the United States.

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