Overview
- Colbert aired his final Late Show on May 21 with a star‑filled, largely nonpolitical hour that culminated with Paul McCartney as the surprise last guest.
- CBS has said the show ended for financial reasons and reported losses around tens of millions of dollars a year, and the network has already moved Byron Allen’s Comics Unleashed into the 11:35 p.m. slot under a time‑buy arrangement.
- The cancellation drew sustained controversy because Paramount paid a $16 million settlement to President Donald Trump while pursuing a Skydance merger, and critics say the timing raised questions about corporate influence.
- Former Late Show staff face job losses and the Ed Sullivan Theater set has been cleared as the program closes, leaving immediate personal and logistical disruptions for crew and performers.
- Industry observers say the episode highlights a broader shift in late night toward lower‑cost, leased programming as ad revenue and appointment TV shrink, a trend that could reshape how networks fund and sell late‑night shows.