Paramount Global (NASDAQ:PARA) canceled “The Late Show with Stephen Colbert,” but days later, the company signed a $1.5 billion streaming deal with “South Park” creators Matt Stone and Trey Parker.
CBS, owned by Paramount, announced Colbert's show will end next May, citing costs, not content. That explanation has sparked backlash from viewers and lawmakers who question the timing and motives, especially since Colbert on July 15 criticized Paramount’s $16 million legal settlement with President Donald Trump over a disputed “60 Minutes” interview during the 2024 presidential campaign.
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Colbert Fires Back On-Air
Returning to air after the cancellation news, Colbert didn't hold back. “I’m going to go ahead and say it: Cancel culture’s gone way too far,” he joked to a cheering audience. “They’re killing off our show. But they made one mistake. They left me alive,” Colbert added.
He directly addressed Trump, who had celebrated and mocked the cancellation on Truth Social, saying, “I absolutely love that Colbert got fired. His talent was even less than his ratings.”
Colbert read Trump's post on-air and replied, “How dare you, sir. Would an untalented man be able to compose the following satirical witticism?” before looking into the camera and delivering a censored, blurred-out “Go f*** yourself!”
While CBS says money was the issue, Colbert pointed out the show is still top-rated. “How can it purely be a financial decision if the show is No. 1 in the ratings? It’s confusing. A lot of folks are asking that question, mainly my staff’s parents and spouses.”
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He also joked about reports the show was losing $40 to $50 million a year: “I could see us losing $24 million. But where would Paramount have ever spent the other $16 million? Oh, yeah,” alluding to the settlement with Trump.
$1.5 Billion For South Park
Just days after Colbert’s cancellation, Paramount signed a five-year, $1.5 billion deal to bring the entire “South Park” back catalog exclusively to Paramount+. The show had previously streamed on HBO Max.
The Season 27 premiere of “South Park,” which aired July 23, featured a provocative parody of Trump. In a statement to media outlets, the White House slammed the episode as a "desperate attempt for attention."
Negotiations with Warner Bros. Discovery (NASDAQ:WBD) over shared streaming rights for “South Park” fell apart in mid-July, according to the Los Angeles Times. The timing of this new deal, juxtaposed with Colbert’s firing, has raised more eyebrows.
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Critics, Lawmakers Want Answers
Democrats like Sen. Elizabeth Warren of Massachusetts and Rep. Adam Schiff of California have called for transparency around the cancellation and Paramount’s settlement with Trump.
On Comedy Central's "The Daily Show," host Jon Stewart spoke out in support of Colbert, saying, “This is not the moment to give in. I’m not giving in. I’m not going anywhere. I think.” Comedy Central is also owned by Paramount.
Image: Shutterstock
