When Stephen Colbert took over The Late Show in 2015, he received two memorable phone calls. One came from former host David Letterman, while the other came from his longtime late-night rival, Jay Leno. According to Colbert, Leno joked that hosting The Late Show was “the pope job” — a role you keep for life. Years later, Colbert humorously admitted that prediction did not age well.
Now, after more than a decade as the face of CBS late night, Colbert is preparing to say goodbye. His final episode is scheduled for May 21, marking the end of an era in American television.
Why CBS Canceled The Late Show
CBS announced in 2025 that Colbert’s show would conclude after its 11th season. The network claimed the decision was based entirely on financial concerns. However, the timing immediately sparked speculation across the entertainment industry.
The cancellation came shortly after Paramount, CBS’s parent company, agreed to settle a lawsuit connected to former U.S. President Donald Trump. At the same time, Paramount was finalizing a multibillion-dollar merger with Skydance Media, a deal requiring government approval. Because of these events, many viewers questioned whether politics played a role in Colbert’s departure.
Although Colbert stopped short of directly accusing CBS, he acknowledged why people were suspicious. He explained that the company’s previous decisions created a perception that it was becoming more cautious around political pressure.
Still, Colbert emphasized that television economics have changed dramatically in recent years. Traditional broadcast networks are struggling as streaming platforms dominate audience attention. Even successful late-night programs are facing shrinking advertising revenue and rising production costs.
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Stephen Colbert Responds to Reports About Show Losses
Reports claimed The Late Show was losing nearly $40 million per year. Colbert addressed those rumors with his trademark humor, joking that the losses came from “bludgeoning drifters for sport.”
Behind the jokes, however, he admitted the financial reports surprised him. Colbert noted that late-night television had remained profitable for decades, dating back to pioneers like Steve Allen. Yet he also acknowledged that the entertainment industry has changed rapidly since the writers’ strike and the rise of streaming services.
Despite the cancellation, Colbert said he holds no bitterness toward CBS. He described himself as a “company man” who understands that networks ultimately prioritize business decisions. At the same time, he made it clear that he would have happily continued hosting the show for years if given the opportunity.
Colbert’s Future Beyond Late Night
Even as one chapter closes, Colbert is already exploring new creative opportunities. One of the most exciting projects involves his lifelong passion for The Lord of the Rings. Colbert revealed that he is helping co-write a new installment in the iconic fantasy franchise, a dream project for the self-proclaimed superfan.
The comedian also hinted that he may eventually create another television show. While he has not officially committed to any specific project, he confirmed that scripts and offers began arriving immediately after the cancellation announcement.
Colbert admitted he still loves performing and being in front of audiences. For someone who has spent two decades shaping modern late-night television, stepping away from the spotlight completely seems unlikely.
Family Comes First for Stephen Colbert
Interestingly, Colbert said major family milestones are helping him keep the end of The Late Show in perspective. Just days before his final broadcast, his son will graduate from college. Immediately after the show wraps, Colbert plans to travel with family members to Washington, D.C., for his brother’s wedding.
Because of these personal moments, Colbert says the transition feels less overwhelming. Instead of focusing entirely on his career ending, he sees this period as part of a much larger life journey.
The Legacy of The Late Show
Since replacing David Letterman in 2015, Stephen Colbert transformed The Late Show into one of the most influential programs in late-night television. His sharp political commentary, satirical humor, and memorable celebrity interviews helped the show dominate ratings for years.
More importantly, Colbert became one of the strongest voices in political comedy during a deeply divided era in America. Whether audiences agreed with him or not, his monologues regularly shaped cultural conversations online and across television news.
As May 21 approaches, fans are preparing to say farewell to one of the defining late-night hosts of the modern era. However, if Colbert’s comments are any indication, this ending may simply be the beginning of his next creative adventure.
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