CBS announced it will cancel "The Late Show with Stephen Colbert" at the end of the 2025-26 broadcast season, with the final episode airing in May 2026. The network cited financial reasons for ending the show and retiring the entire late-night franchise after more than three decades. Sources familiar with the show's finances indicated it was losing tens of millions of dollars annually, and CBS described the decision as a "purely financial" one, unrelated to Colbert's political commentary or recent controversies. The cancellation came days after Colbert publicly criticized a $16 million settlement between CBS's parent company Paramount Global and former President Donald Trump, referring to it as a "big fat bribe." Following the announcement, Trump expressed satisfaction with the show's cancellation, stating he "absolutely loves" that Colbert was "fired" and suggested that fellow late-night hosts Jimmy Kimmel and Jimmy Fallon might be next to be canceled. Colbert responded to Trump's comments with a sharp rebuke, telling the former president to "go f— yourself." The decision to end the show reflects broader challenges in late-night television, including declining advertising revenue, changing viewer habits, and cord-cutting. Industry observers noted the move as the largest casualty among late-night talk shows amid these economic pressures. The cancellation has drawn reactions from the entertainment community, with many expressing support for Colbert and concern about the future of late-night programming.