CBS Retires 'The Late Show' and Stephen Colbert Signs Off After 11 Seasons

Overview

• CBS announced last year that it would retire The Late Show franchise and end Stephen Colbert’s run, saying financial strain in late-night programming drove the decision and denying it was tied to content or political pressure.
• The final episode aired Thursday, May 21, and featured Paul McCartney and several fellow hosts; Nielsen data reported the series averaged about 2.1 million viewers this season with the finale drawing notably higher numbers.
• Hours after the finale, President Trump celebrated the program’s end on Truth Social and posted an AI-generated video that depicts him throwing a likeness of Colbert into a trash can, prompting immediate attention to synthetic political content.
• Colbert had publicly criticized a reported $16 million Paramount settlement with President Trump, calling the payment a “bribe,” a dispute that has been cited by critics who question whether corporate decisions and politics overlapped.
• The episode highlights two broader trends in U.S. media: declining late-night ad revenue and network consolidation that affect programming choices, and rising concern about platform moderation and ethics for AI-manipulated political material.