Overview
- Colbert delivered his final episode at the Ed Sullivan Theater on Thursday, May 21, in a largely celebratory broadcast that featured surprise final guest Paul McCartney and numerous celebrity cameos.
- CBS announced in July 2025 that it would end The Late Show franchise for financial reasons and has begun replacing the 11:35 p.m. slot with Byron Allen’s syndicated Comics Unleashed under a time‑buy arrangement.
- Critics and some staffers say the timing raised political questions because the cancellation followed Paramount’s reported $16 million settlement with President Trump and occurred during merger activity, a claim the network denies.
- The finale mostly avoided direct attacks on President Trump and drew an immediate response from the president, who posted derogatory remarks on Truth Social after the broadcast.
- Industry analysts say the move reflects broader late‑night economics as ad revenue and appointment viewing decline, a trend that is pushing networks toward lower‑cost, leased programming and prompting staff layoffs and studio changes.