Stephen Colbert finally addressed the cancellation of The Late Show during Monday night’s monologue, taking aim at CBS, Paramount Global, and even President Donald Trump in a mix of sarcasm and self-pity.
Colbert accused CBS executives of leaking internal financials to the press in an effort to justify the show’s cancellation, which he framed as retaliation rather than reality.
“They left me alive,” Colbert said ominously, claiming CBS made a “key mistake.”
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$40 Million in Losses
Over the weekend, multiple reports confirmed that The Late Show was losing between $40 and $50 million per year. CBS attributed the decision to cancel the show—effective May 2026—to financial losses, despite Colbert’s insistence that he still led in ratings.
“But how can it purely be a financial decision if The Late Show is No. 1 in ratings?” Colbert asked, ignoring that ratings don’t always equal profitability in the modern streaming and ad-driven media landscape.
He sarcastically acknowledged some losses:
“I could see $24 million, but where did they get the other $16 million?”
He then took a thinly veiled swipe at Paramount for its recent settlement with President Trump in a legal dispute involving former Vice President Kamala Harris’s 60 Minutes interview—implying that the money came from his show’s budget.
Responding to Trump’s Celebration
President Donald Trump had previously celebrated the show’s cancellation on Truth Social, writing that he “loved” that Colbert had been let go. Colbert responded by defending fellow late-night host Jimmy Kimmel, declaring:
“Jimmy Kimmel will not be losing his job.”
The attempt to deflect didn’t stop Trump’s base from pointing out the reality: late-night TV has become increasingly unprofitable, especially for shows driven by partisan attacks and progressive monologues.
Paramount Pulls the Plug
CBS and parent company Paramount Global confirmed last week that The Late Show with Stephen Colbert would end in May 2026, with executives citing unsustainable financial losses.
Insiders noted that Colbert’s increasingly political tone had alienated audiences and advertisers alike, especially during and after Trump’s presidency, leading to a decline in brand value and revenue.
