Colbert secured his reign by being one of Trump’s sharpest, brashest critics, a standing many see as the real reason that CBS is shutting down “The Late Show with Stephen Colbert” at the close of the 2025-2026 television season.

CBS’ decision to cut ties with Stephen Colbert and its decades-old “Late Show” franchise come next May will leave a major hole in the format — but one that has been widening. TV networks have been cutting costs at their late-night mainstays for the past few years.

Stephen Colbert's friends and colleagues are in shock at The Late Show's surprise cancellation.