Stephen Colbert will sign off from “The Late Show” on May 21, ending an 11‑season run that has seen Oprah Winfrey, Jake Tapper and Billy Crystal bid farewell. The host, appearing barefoot in his Ed Sullivan Theater office, admitted the looming final episode amplifies his emotions and a tribute montage is planned.

CBS announced last summer that it would cancel the program, citing financial losses that reportedly run into tens of millions annually as late‑night advertising revenue slides. The decision arrives amid Paramount’s multibillion‑dollar merger with Skydance and a recent $16 million settlement with former President Trump, fueling skepticism that the cancellation may be politically motivated and raises questions about corporate governance.

Looking ahead, Colbert, who turns 62 before the finale, is drafting a script for Warner Bros. tied to a new Lord of the Rings film and says he will continue hosting live audiences, podcasting and stand‑up comedy. With the show consuming most of his creative bandwidth, he plans to reassess his career once the final broadcast airs and explore new creative collaborations.