Hit US late-night show cancelled after more than 30 years on-air

As controversy engulfs Paramount’s recent settlement with Donald Trump, the network has shockingly axed one of its longest running talk shows.

One of America’s most popular late-night talk shows has been cancelled after more than 30 years on-air.

The Late Show with Stephen Colbert, which airs on CBS, will come to an end in 2026, with Colbert announcing the news on Thursday’s program during a taping at the famed Ed Sullivan Theatre in New York.

“Before we start the show, I want you to know something that I found out just last night,” the comedian said in his opening monologue.

“Next year will be our last season. The network will be ending The Late Show in May.”

Colbert, 61, had been host of the franchise since 2015, when former presenter David Letterman retired after debuting the series in 1993.

Stephen Colbert announced The Late Show was being cancelled by CBS. Picture: Michael Tran / AFP

“It’s not just the end of our show, but it’s the end of The Late Show on CBS. I’m not being replaced,” Colbert continued.

“This is all just going away. And I do want to say that the folks at CBS have been great partners.

“I am extraordinarily, deeply grateful to the 200 people who work here. We get to do this show. We get to do this show for each other every day, all day, and I’ve had the pleasure and the responsibility of sharing what we do every day with you in front of this camera for the last 10 years.”

CBS later said axing the show was a “purely a financial decision”.

“The Late Show With Stephen Colbert will end its historic run in May 2026 at the end of the broadcast season,” read a group statement from Paramount co-CEO and CBS president and CEO George Cheeks, CBS Entertainment head Amy Reisenbach and CBS Studios president David Stapf.

“We consider Stephen Colbert irreplaceable and will retire The Late Show franchise at that time. 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.”

Colbert has hosted the show since 2015. Picture: Cliff Lipson/CBS via Getty Images

While Colbert was on a blockbuster salary at the network, rumoured to be $US15 million per year, commentary has quickly turned to Paramount Global’s recent settlement with US President Donald Trump.

Paramount, the parent company of CBS, is on the brink of merging with media company Skydance in coming months, but the merger has been plagued by controversy after Mr Trump’s defamation lawsuit last year, in which he accused CBS’s 60 Minutes of broadcasting a misleading interview with Kamala Harris before he was elected president for a second time.

Despite the case being deemed meritless by company executives, Paramount ultimately settled with the President for $US16 million earlier this month. Some critics were convinced the settlement took place to bolster the merger’s chances of approval under the Trump administration.

Earlier this week, Colbert blasted his own employer on live TV over the saga.

“As someone who has always been a proud employee of this network, I am offended,” Colbert said.

“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.

“Paramount knows they could have fought it,” Colbert continued, citing the company’s own statement Mr Trump’s claims were “completely without merit”.

“And keep in mind, Paramount produced Transformers: Rise of the Beast – they know completely without merit,” he joked.

However, in its statement, CBS said the settlement played no part in its decision to axe The Late Show.

David Letterman started The Late Show franchise in 1993. Picture: Jeffrey R. Staab/CBS via Getty Images

“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 statement continued.

“Our admiration, affection, and respect for the talents of Stephen Colbert and his incredible team made this agonising decision even more difficult. Stephen has taken CBS late night by storm with cutting-edge comedy, a must-watch monologue and interviews with leaders in entertainment, politics, news and newsmakers across all areas.

“The show has been No. 1 in late night for nine straight seasons; Stephen’s comedy resonates daily across digital and social media; and the broadcast is a staple of the nation’s Zeitgeist.

“The accomplishments of The Late Show With Stephen Colbert are memorable and significant in performance, quality and stature. With much gratitude, we look forward to honouring Stephen and celebrating the show over the next 10 months alongside its millions of fans and viewers.”