Stephen Colbert will host his final episode of The Late Show on May 21, bringing an end to both his 11-year run and the broader CBS Late Show franchise that dates back to David Letterman's launch in 1993. CBS announced in July 2025 it would discontinue the late-night franchise entirely by May 2026, calling the decision "purely a financial one against a challenging backdrop."
The finale will feature an array of celebrity guests including Jimmy Kimmel, Jimmy Fallon, Seth Meyers, John Oliver, Letterman himself, Tom Hanks, Julia Louis-Dreyfus, Pedro Pascal, and The Strokes. CBS is replacing the franchise with Byron Allen's Comics Unleashed, a roundtable comedy program designed to avoid political humor.
What the Right Is Saying
Conservative critics argue The Late Show became increasingly predictable and politically one-sided in its approach to late-night comedy. They contend that years of monologue segments focused on Trump criticism failed to attract broader audiences beyond already-convinced progressive viewers.
President Trump celebrated Colbert's departure, posting on Truth Social: "I absolutely love that Colbert got fired. His talent was even less than his ratings." Republican commentators have long argued that broadcast late-night comedy should offer more diverse viewpoints rather than functioning as an extension of Democratic Party messaging.
Critics note that Variety described the final season as "not very good TV" and "out of touch with everyday Americans," a verdict they say validates concerns about Colbert's editorial direction. Some conservative voices argue CBS's decision to replace political satire with non-political comedy reflects audience demand for entertainment without ideological content.
What the Left Is Saying
Progressive commentators and Colbert supporters argue that The Late Show served an important function in holding conservative power accountable during the Trump administration. They note that Colbert testified before Congress in character in 2010 and delivered politically charged remarks at high-profile events, including roasting President George W. Bush at the 2006 White House Correspondents' Association dinner.
Defenders point to Colbert's Comedy Central work as evidence of his satirical range, arguing his Report character demonstrated sophisticated understanding of media criticism. Late-night comedy advocates contend that declining ratings reflect broader shifts in media consumption rather than any failure of political satire itself.
Progressive media critics suggest the timing of the cancellation—three days after Colbert called Paramount's settlement with Trump a "big fat bribe"—raises questions about corporate decision-making during an ongoing FCC merger review process involving Trump's appointed regulators. They note that the show was still drawing approximately 2.4 million viewers as recently as mid-2025.
What the Numbers Show
CBS Late Show viewership declined from a peak of over 3 million viewers approximately six years ago to roughly 2.4 million by mid-2025, according to reported figures. Ad revenue dropped approximately 25% between 2022 and 2024, network disclosures indicated.
Paramount paid $16 million to settle Trump's lawsuit over editing of a 60 Minutes interview as the company sought FCC approval for its merger with Skydance Media. CBS-parent Paramount characterized the late-night franchise decision as unrelated to "the show's performance, content, or other matters happening at Paramount."
The Late Show had been under Colbert's hosting since September 2015, when he succeeded David Letterman. The Comedy Central precursor, The Colbert Report, ran for nine years from 2005 to 2014 with its character-driven political satire format.
The Bottom Line
Colbert's departure marks a significant shift in broadcast late-night programming, ending an era of explicit political commentary on CBS's flagship comedy program. The decision comes amid broader industry challenges including cord-cutting, shifting audience habits, and advertiser reluctance around politically charged content.
The timing of the announcement relative to Colbert's criticism of the Trump settlement has fueled speculation about corporate independence during regulatory review processes, though CBS and Paramount have denied any connection. What remains clear is that late-night comedy faces an uncertain future as networks balance entertainment ratings against political risk.
Viewers interested in the direction of broadcast satire should monitor whether Comics Unleashed's non-political format proves commercially viable, and whether other networks adjust their late-night strategies accordingly.