CBS Ends “The Late Show” After 33 Years, Marking Stephen Colbert’s Final Broadcast

In July 2025 CBS announced that “The Late Show” would conclude, citing financial considerations. The decision was communicated to host Stephen Colbert through his manager, James “Babydoll” Dixon, and later confirmed by Paramount CEO George Cheeks. The final episode aired on May 21 2026 at 11:35 p.m. ET, ending a 33-year franchise that began in 1993.

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

David Letterman launched the program in 1993 and hosted for 22 years before Stephen Colbert assumed the role in 2015. Colbert’s tenure coincided with industry shifts, including a 2023 writers’ strike and CBS’s 2025 merger with Skydance. Despite these disruptions, the show remained the network’s flagship late-night offering.

Stephen Colbert last show airs May 21, ending 33-year Late Show run

• Stephen Colbert – host (2015-2026)

Stephen Colbert last show airs May 21, ending 33-year Late Show run

• David Letterman – former host, public critic of the cancellation

Stephen Colbert last show airs May 21, ending 33-year Late Show run

• James “Babydoll” Dixon – Colbert’s manager, delivered the cancellation notice

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

• George Cheeks – Paramount CEO who later called Colbert personally

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

• Byron Allen – producer of “Comics Unleashed,” slated to fill the 11:35 p.m. slot

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

• CBS executives – cited financial pressures and settled a $16 million lawsuit with the Trump administration

Stephen Colbert last show airs May 21, ending 33-year Late Show run

• 1993 – “The Late Show” debuts with David Letterman.

Stephen Colbert last show airs May 21, ending 33-year Late Show run

• 2015 – Stephen Colbert becomes host.

Stephen Colbert last show airs May 21, ending 33-year Late Show run

• 2023 – Writer strike; CBS encourages Colbert to sign a long-term contract.

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

• July 2025 – CBS announces cancellation, referencing financial losses.

Stephen Colbert last show airs May 21, ending 33-year Late Show run

• May 21 2026 – Final episode airs; Byron Allen’s “Comics Unleashed” announced as replacement.

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

• Trade reports referenced a $40 million annual loss for the program.

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

• CBS settled a $16 million lawsuit with the Trump administration over a 60 Minutes segment.

Stephen Colbert last show airs May 21, ending 33-year Late Show run

• The show maintained the number-one position in late-night ratings despite the cited financial strain.

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

• Franchise totals: 22 years under Letterman, 11 years under Colbert, 33 years overall.

Stephen Colbert last show airs May 21, ending 33-year Late Show run

CBS attributed the termination to insufficient profitability. Paramount leadership initially relayed the news via Dixon, prompting industry criticism. After the call from Cheeks, CBS allowed Colbert to incorporate jokes about the cancellation into his remaining episodes. The network also disclosed the settlement of the $16 million lawsuit in the same period.

Stephen Colbert last show airs May 21, ending 33-year Late Show run

David Letterman publicly labeled CBS owners “lying weasels,” condemning the abrupt decision. Industry insiders expressed disapproval of the manager-first notification method, describing it as a slight to the host. Colbert himself described the timing as “surprising” while maintaining a diplomatic stance.

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

Sources differ on the precise magnitude of the program’s losses: some cite a $40 million annual deficit, while others reference only “financial pressures” without a figure. No detailed ratings data were provided to substantiate the claim of being number one. Additionally, CBS has not released a comprehensive plan for its late-night strategy beyond the appointment of Byron Allen.

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

• “I’m not thrilled about it. It feels real now. It did not feel real before, but I know it was real. Now there are three months left. What I really love is the people I do it with.” — Stephen Colbert, on the show’s ending

Stephen Colbert last show airs May 21, ending 33-year Late Show run

• “This is going to be the last season,” — James “Babydoll” Dixon, manager

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

• “I’m not over here grinding a knife, but we are going to make jokes about how this went down and about the $40 million and about CBS’ apparent check-cutting spree to the president. That’s the show I want to do for 10 more months because I like working for CBS.” — Stephen Colbert

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

• “One night I’ll turn on the TV and probably no one will be there,” — Stephen Colbert

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run

• “lying weasels” — David Letterman, former host

Stephen Colbert last show airs May 21, ending 33-year Late Show run

Colbert is slated to co-write a new Lord of the Rings film with screenwriter Philippa Boyens and is fielding offers from streaming platforms and production companies. Byron Allen’s “Comics Unleashed” will occupy the former timeslot, signaling a shift away from traditional talk-show formats on CBS. Observers note that the cancellation may presage broader financial restructuring across network late-night programming.

Stephen Colbert’s last show airs May 21 on CBS, ending his 10-year run