After 33 years on air, The Late Show with Stephen Colbert is set to end in May 2026, CBS announced in a surprising move that marks the end of a late-night television institution. The decision, attributed by CBS to financial reasons, comes amid a shifting media landscape and ongoing corporate transitions, including a recent $16 million settlement between CBS parent company Paramount and former President Donald Trump.

Stephen Colbert broke the news to his live studio audience at New York’s Ed Sullivan Theater, revealing that next year will be The Late Show’s final season. “It’s the end of The Late Show on CBS. I’m not being replaced. This is all just going away,” he said, receiving boos and groans from attendees.

The cancellation sparked immediate reactions from politicians and celebrities alike. Democratic Senators Adam Schiff and Elizabeth Warren publicly questioned whether the cancellation was politically motivated, given Colbert’s outspoken criticism of Trump and the recent settlement. Colbert himself openly condemned the $16 million settlement, calling it a “big fat bribe.”

Fellow late-night hosts expressed their support and dismay. Jimmy Kimmel posted a heartfelt message for Colbert while criticizing CBS, and Jimmy Fallon praised Colbert as one of the sharpest and funniest hosts. Celebrities including Ben Stiller, Judd Apatow, Rachel Zegler, and Jon Batiste also voiced sadness and admiration for Colbert’s tenure.

The Late Show has long been a pillar of political satire and commentary, known for Colbert’s sharp wit and engagement with political figures. Despite strong ratings and critical acclaim—including multiple Emmy nominations and a Peabody Award—CBS cited financial challenges and a changing late-night market as reasons for the cancellation.

The decision leaves CBS without a late-night talk show for the first time since 1993. Rival networks ABC and NBC will continue their late-night programming, with hosts Jimmy Kimmel, Jimmy Fallon, and Seth Meyers signed through 2028.

As The Late Show prepares for its final season, Colbert and fans alike brace for the end of an era in American late-night television, reflecting broader shifts in media consumption and political discourse.