Stephen Colbert's "The Late Show" was announced to be canceled by CBS in July 2025, with the final show airing in May 2026 when his contract expires. The official reason given by CBS and its parent company, Paramount Global, was purely financial due to a challenging landscape for late-night television and not related to the show's performance or content. The show had been a top- rated late-night program but reportedly was losing money, with some sources citing losses of around $40 million annually, though this figure was disputed by some industry insiders. However, the cancellation sparked significant controversy because the announcement came just days after Colbert publicly criticized CBS/Paramount for settling a $16 million lawsuit with the Trump Administration—a settlement Colbert described on air as a "big fat bribe." Given Colbert's outspoken criticism of former President Trump and his administration, many speculated that the cancellation might have political motivations tied to this context. Politicians, entertainers, and media figures questioned whether the cancellation was connected to the legal settlement, CBS/Paramount's pending merger with Skydance, and the political pressures involved. Colbert was not replaced, and "The Late Show" as a franchise on CBS is set to end entirely. There are ongoing calls for investigations into whether the cancellation had political causes beyond the stated financial reasons. Despite the controversy, executives maintain the decision was solely financial amid changing late-night TV economics and shifting viewership patterns to platforms like YouTube, which affects ad revenues. In summary, Stephen Colbert's show was officially canceled for financial reasons amid a difficult market environment for late-night TV, but the timing after his public criticism of a CBS legal settlement with Trump led to widespread speculation of political interference behind the scenes.