Stephen Colbert’s ‘Late Show’ Ends: Final Week, Guest Reunion, and CBS’s Exit from Late-Night

The May 11 episode reunites Strike Force Five hosts—Jimmy Fallon, Jimmy Kimmel, Seth Meyers, John Oliver—on The Late Show. David Letterman appears May 14; the series ends May 21 with guests Barack Obama, Meryl Streep, The Strokes.

The Wrap

The Late Show launched with David Letterman in 1993; Stephen Colbert took over in 2015, leading the show for eleven seasons. CBS cancelled it in July 2025, citing financial losses.

Stephen Colbert’s final Late Show episode airs May 21 on CBS after 33 yearsStephen Colbert To Reunite With Major Late Night Hosts for Show’s Final EpisodesVariety MagazineHollywood ReporterDaily BeastThe WrapDeadline Hollywood

1993 – Letterman debut; 2015 – Colbert takes over; July 2025 – cancellation announced; May 11 2026 – Strike Force Five reunion; May 21 2026 – final episode.

The Wrap

The franchise spans 33 years, 1,792 episodes. Colbert’s run includes nine straight top-rated seasons. Strike Force Five podcast had 12 episodes, topped charts, raised funds for staff and generated charitable contributions.

Daily Beast

CBS said the cancellation was a purely financial decision, unrelated to performance, and that Colbert is irreplaceable and will not be replaced. Letterman called executives “lying weasels.” Colbert said he texted fellow hosts after the news.

Stephen Colbert’s final Late Show episode airs May 21 on CBS after 33 years

Letterman alleges the move serves Paramount’s Skydance merger and appeases the Trump-aligned FCC. Observers note the $40 million loss claim may be overstated.

Stephen Colbert’s final Late Show episode airs May 21 on CBS after 33 years

CBS’s exit removes a major network flagship, leaving NBC, ABC, and cable as primary late-night sources. The Strike Force Five reunion shows unprecedented host solidarity.

Stephen Colbert’s final Late Show episode airs May 21 on CBS after 33 years

CBS provides no detailed loss figures; some reports cite $40 million annual deficit, while analysts question its accuracy and political motive claims.

Stephen Colbert’s final Late Show episode airs May 21 on CBS after 33 years

• “He was dumped because the people selling the network to Skydance said, ‘Oh no, there’s not going to be any trouble with that guy. We’re going to take care of the show. We’re just going to throw that into the deal. When will the ink on the check dry?’ I’m just going to go on record as saying: They’re lying,” — David Letterman, Former Host of The Late Show

Deadline Hollywood

• “’ I’m just going to go on record as saying: They’re lying,” Letterman told The New York Times this week.” — David Letterman, Former Host of The Late Show

Deadline Hollywood

• “We consider Stephen Colbert irreplaceable and will not be seeking another host for the time slot.” — CBS, Official Statement

Stephen Colbert’s final Late Show episode airs May 21 on CBS after 33 years

• “When I got canceled, the only other people I spoke to for days were those guys.” — Stephen Colbert, Interview with The Hollywood Reporter

Hollywood Reporter

Byron Allen’s “Comics Unleashed” takes the 11:35 p.m. slot. Colbert is developing a drama “Uncle Cops” and a Lord of the Rings project.

Stephen Colbert To Reunite With Major Late Night Hosts for Show’s Final Episodes