CBS announced Thursday that “The Late Show” will end after roughly 1,800 episodes, marking the exit of Stephen Colbert from the Ed Sullivan Theater. The decision follows a claim that the program loses at least $40 million annually, a figure the network presented as the primary business rationale. Colbert’s departure ends a 33‑year late‑night franchise on the broadcast network.

Colbert’s style, forged on “The Colbert Report” and a decade of pointed political satire, clashed with CBS’s traditional “both‑sides” late‑night model. After a rocky start, the network installed news veteran Chris Licht as executive producer in 2016, aligning the show with the Trump era and briefly pushing it to first‑place in ratings. Insiders argue the $40 million loss ignores affiliate revenue boosts and cross‑promotion value.

The timing coincides with Paramount Global’s pending merger and a $16 million settlement that former President Trump labeled a “big fat bribe.” Critics say CBS’s move signals a retreat from original, live‑audience programming toward syndicated repeats, weakening its leverage with local affiliates and eroding a platform for bold political commentary. The network’s choice still reshapes the economics of broadcast late‑night television.