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.

CBS will end "The Late Show with Stephen Colbert" and retire "The Late Show" franchise in May 2026, the company announced Thursday, calling it "purely a financial decision against a challenging backdrop in late night.

President Donald Trump was gleeful over Stephen Colbert's cancellation, saying his "talent was even less than his ratings" on Truth Social.