Just as Stephen Colbert and other late-night comics found their political voice, streaming shifted the power dynamics. As their influence waned, Trump’s rose.

The Late Show’s Stephen Colbert tempted fate when he called Paramount Global’s $16 million settlement with President Donald Trump a “big fat bribe” earlier this week. Three days later, CBS announced it would end his show after the upcoming 2025-2026 season.

In the wake of the cancellation of Stephen Colbert's "The Late Show", Donald Trump has taken to social media to express his joy at the decision.

Colbert’s cancellation came days after he mocked Paramount, which owns CBS, for its $16 million settlement with Trump in a lawsuit many considered meritless. That settlement comes as Paramount attempts a merger with Skydance Media, which requires Federal Communications Commission approval to proceed.

CBS’ decision to cut ties with Stephen Colbert and its decades-old “Late Show” franchise come next May will leave a major hole in the format — but one that has been widening. TV networks have been cutting costs at their late-night mainstays for the past few years.

"The Late Show with Stephen Colbert" is just the latest casualty of the collapse of one of television's most durable formats. When “The Late Late Show” host James Corden left in 2023, CBS opted not to hire a replacement. The network also canceled “After Midnight” this year, after host Taylor Tomlinson chose to return to full-time stand-up comedy.