Back to today’s briefing

Story perspectives

Colbert’s Late Show Ends After 11 Years, $40 M Loss.

5/20/2026

42 10 Full Breakdown

Summary

Colbert Ends Late Show

The Late Show with Stephen Colbert ends on May 21, 2026 after 11 years and 1,800 episodes.
CBS attributes the cancellation to a $40 million loss and rejects claims of a political motive linked to Paramount’s Skydance merger.
The week features Spielberg and Stewart interviews on May 21 and a Springsteen show on May 20.
Colbert closed with the parody song “It’s Raining Fish,” joined by Michael Cruz Kayne and Paul Shaffer.

Summary

Stewart Presents Recliners

Jon Stewart presented Stephen Colbert with two luxury recliners as a farewell gift during the final-week episode.
Stewart joked the chairs would let Colbert “watch Matlock” and showed a button that lifted them.
Andra Day performed her 2015 hit “Rise Up” as the hosts rose together in the recliners, holding hands.
Steven Spielberg appeared to promote his upcoming film “Disclosure Day,” slated for a June 12 theatrical release.

Summary

Colbert Cuts Staff

Stephen Colbert said CBS's cancellation saved his life and announced staff will be let go after May 21 finale, with Ed Sullivan Theater to be vacated by Friday.
Stephen Colbert is co-writing “Lord of the Rings: Shadow of the Past” with his son Peter McGee, due Dec. 17 2027.
Stephen Colbert will travel to Washington D.C. after the finale for his brother Tommy’s wedding and has written to Pope Leo XIV, hoping the pontiff will appear.

History

Historical Context

Johnny Carson anchored NBC’s The Tonight Show from October 1 1962 until his May 22 1992 retirement, delivering 4,531 episodes and moving production from New York to Burbank in 1972. His departure ended a three-decade ratings powerhouse, prompting NBC to install longtime guest host Jay Leno. The shift illustrated late-night TV’s move from stable, ad-rich formats toward cost-cutting, streaming-focused strategies.

1 of 4

Colbert Ends Late Show

The Late Show with Stephen Colbert ends on May 21, 2026 after 11 years and 1,800 episodes.
CBS attributes the cancellation to a $40 million loss and rejects claims of a political motive linked to Paramount’s Skydance merger.
The week features Spielberg and Stewart interviews on May 21 and a Springsteen show on May 20.
Colbert closed with the parody song “It’s Raining Fish,” joined by Michael Cruz Kayne and Paul Shaffer.

1 / 4