CBS staffers aren’t buying the network’s claims that the cancellation of Stephen Colbert’s top-rated, late-night show was purely a “financial decision,” but rather a continuation of the “Trump shakedown” that began with parent company Paramount’s settlement of the 60 Minutes lawsuit, according to multiple sources.
Despite The Late Show averaging 2.4 million total viewers on a nightly basis and handily beating rival networks’ late-night competition, Paramount and CBS executives announced in a joint statement Thursday that Colbert’s long-running program would come to an end next year.
“The Late Show With Stephen Colbert will end its historic run in May 2026 at the end of the broadcast season. We consider Stephen Colbert irreplaceable and will retire The Late Show franchise at that time,” the announcement – signed by Paramount co-CEO George Cheeks, CBS Entertainment president Amy Reisenbach and CBS Studios president David Stapf – noted.
“We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television.”
Calling it an “agonizing decision,” the executives added: “This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show's performance, content or other matters happening at Paramount.”
The news dropped like a lead balloon for fans, who immediately groaned and booed when Colbert revealed on his show Thursday night that he would be wrapping up for good next May. “I share your feelings,” he said to the disappointed studio audience.
While the corporate bosses insist the decision was merely due to late-night television becoming unprofitable because of dwindling ad revenues and high production costs, it cannot be ignored that it comes amid Paramount’s pending $8.4 billion merger with Skydance, the media and film production giant, which requires approval from the Trump administration.
Additionally, Colbert has been highly critical of Paramount’s settlement with Trump, agreeing with lawmakers and journalism groups that the $16 million payment to the president to drop a lawsuit that legal experts said was “frivolous” and akin to bribery.
“While I was on vacation, my parent corporation, Paramount, paid Donald Trump a $16 million settlement over his ‘60 Minutes’ lawsuit,” Colbert said Monday after returning from a multi-week break.
“As someone who has always been a proud employee of this network, I am offended. And I don’t know if anything will ever repair my trust in this company, but just taking a stab at it, I’d say $16 million would help,” he quipped, adding that the “technical name in legal circles” for the settlement is “a big, fat bribe.”
Several network sources told The Independent that while they understand that Colbert’s program had become costly to run over the years, and was potentially a drain on the network’s bottom line, many people working at CBS don’t fully believe the narrative coming from upper brass about the cancellation.
One senior staffer at CBS, for instance, said that no one at the network “is buying that it's a financial decision,” adding that the demise of the CBS flagship left “everyone stunned,” including “famous comedians” that the source said they knew.
Indeed, responding to the news that his late-night rival would soon be out of a job, ABC star Jimmy Kimmel posted on Instagram: “Love you, Stephen. F*** you and all your Sheldons, CBS.”
Another network staffer said they were told the show had been “on the chopping block” for a few years because it was “very expensive to produce.” At the same time, though, this insider said that they didn’t believe this was the reason behind the sudden announcement on Thursday.
“Many of us think this was part and parcel of the Trump shakedown settlement,” the staffer declared. Meanwhile, The Independent has also learned that staffers at Comedy Central’s The Daily Show, which is also owned by Paramount, are expressing concern that their program could be next.
The Independent has reached out to Paramount and CBS for comment.
Earlier this month, after Paramount reached its settlement with Trump, Status News’ Oliver Darcy reported that the upcoming merger with Skydance – which is led by pro-Trump billionaires Larry and David Ellison – could result in the cancelations of Colbert and Daily Show host Jon Stewart, both vocal critics of the president. Stewart, like Colbert, has also pilloried Paramount for paying off Trump.
“What better gift could [the Ellisons] give Trump than to get rid of Colbert and Stewart?” one media insider told Status.
Stewart, meanwhile, recently noted on his podcast that he “unfortunately” hasn’t spoken with soon-to-be new corporate boss David Ellison or any other Skydance brass, amid rumors that he could soon be booted. “I’ve been kicked out of sh*ttier establishments than that. We’ll land on our feet,” he said.
Amid the fallout over the Colbert announcement, Democratic lawmakers are sounding alarm bells that the move could be politically motivated. “If Paramount and CBS ended ‘The Late Show’ for political reasons, the public deserves to know,” Democratic Senator Adam Schiff, of California, who was a guest on Colbert’s show Thursday night, posted on social media.
Echoing Schiff’s sentiments, Massachusetts Senator Elizabeth Warren – who had previously warned Paramount that it could face congressional probes for violating anti-bribery statutes – noted that the decision came “just THREE DAYS after Colbert called out CBS parent company Paramount for its $16M settlement with Trump.”
“America deserves to know if his show was canceled for political reasons,” she added.
Whether this move was made to appease Trump or not, the president made it clear that he was pleased with the result either way.
“I absolutely love that Colbert got fired,” Trump gloated on Truth Social on Friday. “His talent was even less than his ratings. I hear Jimmy Kimmel is next. Has even less talent than Colbert! Greg Gutfeld is better than all of them combined, including the Moron on NBC who ruined the once great Tonight Show.”
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