CBS announced that The Late Show with Stephen Colbert will end in May 2026, citing financial challenges. Late-night TV is less profitable due to declining viewership and ad revenue shifting to streaming platforms. According to The New York Times, Colbert’s show cost over $100 million annually but lost tens of millions yearly, with ad revenue dropping from $121.1 million in 2018 to $70.2 million in 2024 [The New York Times, July 2025].
The timing of the cancellation has sparked debate. Days before the announcement, Colbert criticized Paramount, CBS’s parent company, for settling a $16 million lawsuit with Donald Trump, calling it a “big fat bribe” to secure approval for a merger with Skydance [Yahoo News, July 2025]. Some, including Senators Adam Schiff and Elizabeth Warren, and the Writers Guild of America, suspect political motives and have called for investigations [Variety, July 2025].
However, we shouldn’t assume the timing implies political motives. CBS may have planned this cancellation earlier due to ongoing financial losses. Still, the coincidence fuels speculation about whether Paramount’s merger influenced the decision.
Financial Status of Other Late-Night Shows in 2025
Late-night TV faces industry-wide financial strain, with ad revenue down over 50% since 2014 [The New York Times, July 2025]. Most shows have cut budgets, often producing four new episodes weekly instead of five. Here’s the status of key shows in Q2 2025:
• Jimmy Kimmel Live! (ABC): Averaged 1.77 million viewers, strong in the 18-49 demographic (220,000 viewers). Kimmel’s contract runs through 2026, but he’s hinted at retirement [Deadline, June 2025].
• The Tonight Show Starring Jimmy Fallon (NBC): Averaged 1.19 million viewers, with 157,000 in the 18-49 demo. Budget cuts eliminated its house band, and Fallon’s contract extends to 2026 [The Hollywood Reporter, May 2025].
• Late Night with Seth Meyers (NBC): Leads the 12:37 a.m. slot with 900,000 viewers and 111,000 in the 18-49 demo. It tapes two episodes on Mondays to cut costs, and Meyers’ contract runs through 2028 [Variety, April 2025].
• The Daily Show (Comedy Central): Averaged 994,000 viewers, down 2% from Q1 2025 but up 2.7% in the 18-49 demo. Jon Stewart’s contract ends in December 2025, leaving its future uncertain [Deadline, July 2025].
• Gutfeld! (Fox News): Grew 31.5% year-over-year to 3.29 million viewers, with 238,000 in the 18-49 demo, dominating its slot despite a slight Q1 2025 decline [The Wrap, July 2025].
CBS canceled After Midnight in June 2025 and The Late Late Show in 2023, replacing them with cheaper programming like Comics Unleashed [Variety, June 2025]. Other networks axed shows like Peacock’s The Amber Ruffin Show (2023) and HBO’s Pause with Sam Jay (2022) [The Hollywood Reporter, 2023].
The Bottom Line
Late-night TV is under financial pressure, with shrinking audiences and ad revenue. While CBS insists Colbert’s cancellation is purely financial, the timing—days after his criticism of Paramount’s settlement—raises suspicions. We should avoid assuming political motives without evidence, as financial struggles alone could explain the decision. However, the broader decline of late-night TV, seen in budget cuts and cancellations across networks, suggests a challenging future for the genre. It’s a complex mix of money, politics, and shifting viewer habits, showing how entertainment and big business are intertwined.
Sources:
• The New York Times, July 2025: Financial details on Colbert’s show and late-night TV ad revenue decline.
• Yahoo News, July 2025: Details on Colbert’s criticism of Paramount’s $16 million Trump settlement.
• Variety, July 2025: Reports on political suspicions and calls for investigations by Senators and Writers Guild.
• Deadline, June 2025: Jimmy Kimmel’s contract and retirement hints.
• The Hollywood Reporter, May 2025: Fallon’s budget cuts and contract details.
• Variety, April 2025: Seth Meyers’ contract and production changes.
• Deadline, July 2025: The Daily Show viewership and Stewart’s contract.
• The Wrap, July 2025: Gutfeld! viewership data.
• Variety, June 2025: Cancellation of After Midnight and The Late Late Show.
• The Hollywood Reporter, 2023: Cancellations of The Amber Ruffin Show and Pause with Sam Jay.
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