Stephen Colbert’s final episode of The Late Show aired on May 21, 2026, marking the end of an 11-year run. The cancellation, announced in July 2025, was officially attributed by CBS to “purely a financial decision.” However, many—including Colbert,have questioned the decision, given the show’s strong ratings and the political tensions surrounding it.

Controversy and Political Tensions

Colbert had called the $16 million settlement between CBS and Donald Trump,a sum paid to resolve a lawsuit over a 60 Minutes interview—“a big fat bribe.” The settlement came shortly before the cancellation announcement and coincided with Paramount’s pending acquisition of Skydance Media, which required government approval. This timing has led to speculation about the role of political pressure in the decision.

President Trump, a frequent target of Colbert’s satire, celebrated the cancellation on Truth Social, writing, “I love, absolutely, that they fired Colbert. His talent is even less than his ratings. I heard the next is Jimmy Kimmel. He has even less talent than Colbert.”

Dustin Kidd, a sociology professor at Temple University, noted that canceling a ratings leader like Colbert “can’t be explained strictly through economics.” He argued that “there’s been a lot of political pressure levied against this show and a lot of political pressure at work within CBS more generally.”

Final Episodes and Guest Appearances

Colbert’s final episodes featured a star-studded lineup. On May 20, Bruce Springsteen performed a powerful anti-ICE anthem, “Streets of Minneapolis,” while delivering a sharp rebuke of the CBS management and their ties to Trump. “You’re the first guy in America who’s lost his show because we’ve got a president who can’t take a joke,” Springsteen said, criticizing CBS CEO David Ellison and his father, Larry Ellison.

Other notable guests included Jon Stewart, Steven Spielberg, and David Byrne. The penultimate episode also featured the final installment of “The Colbert Questionert,” a recurring segment in which Colbert answered 15 questions from his celebrity guests. This time, he was asked the questions by his own wife, Evie McGee Colbert, and others, including Billy Crystal, Josh Brolin, and Tiffany Haddish.

John Dickerson, a former CBS Evening News anchor who was also let go by CBS, announced the final episodes. The show’s final episode was extended in length, with the guest list kept under wraps.

Legacy and Future of Late Night

Colbert took over The Late Show from David Letterman in 2015 and became known for his sharp political commentary and ability to blend comedy with serious news. His departure leaves a significant void in late-night television. CBS plans to replace the show with Comics Unleashed, hosted by Byron Allen, who has vowed to avoid politics.

Colbert’s final episode was described as “emotional” and marked the end of an era for The Late Show franchise, which had run since 1993. The cancellation comes amid a broader shift in the television industry, where traditional models are struggling under economic and technological pressures.

Despite the controversy, Colbert has expressed hope for the future. “It’s a fantastic job. I wish someone else would get it,” he said at the time of the cancellation announcement. His final episode was widely watched and praised, with many calling it a fitting tribute to his decade-long impact on late-night television.