The iconic show is one of the most-watched late-night programs on U.S. broadcast television, known for its humorous take on current events and politics.
CBS is cancelling "The Late Show With Stephen Colbert" after the next season, the network announced on Thursday.
The development marks the end of one of the most-watched late-night programs on U.S. broadcast television, known for its humorous take on current events and U.S. politics.
The show will end in May next year, CBS announced, emphasizing that the decision is financially driven and not a reflection of the program's performance or popularity.
"This is purely a financial decision against a challenging backdrop in the late night. It is not related in any way to the show's performance, content or other matters happening at Paramount," CBS said in the statement.
CBS is owned by Paramount Global (PARA), which is awaiting regulatory approvals for its $8.4 billion merger with Skydance Media.
The show first aired in 1993 as "The Late Show." The program was hosted by David Letterman through its various iterations until 2015. Colbert, who has previously hosted "The Colbert Report", has been "The Late Show" host for the last 10 years.
Colbert often targeted Trump in his nightly monologue and recently criticized Paramount's settlement with the president, according to a Reuters report. He called the company's payment to Trump a "big fat bribe" on his show on Monday, the report said.
Earlier this month, Paramount agreed to pay President Donald Trump $16 million to settle his lawsuit over the editing of an October "60 Minutes" interview with the then-presidential candidate Kamala Harris.
Colbert said on Thursday’s episode that he found out about the program's cancellation a day earlier. In response to the studio audience booing at his announcement, Colbert said, "Yeah, I share your feelings."
"I'm not being replaced. This is all just going away," the 61-year-old comedian said.
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