Rumors about the $40 million annual losses appeared to stem from reports published by a media outlet called Puck and the New York Post.

CBS will end "The Late Show with Stephen Colbert" and retire "The Late Show" franchise in May 2026, the company announced Thursday.

Stephen Colbert announced "The Late Show" was cancelled three nights after revealing his summer mustache on air. Coincidence?

Sandra Oh criticized CBS and Paramount during her appearance on 'The Late Show with Stephen Colbert' on July 21 after its cancellation was announced. The network said it was "a financial decision," but the news came days after Colbert criticized Paramount for its $16 million settlement with President Donald Trump.

Late-night rivals and other celebrities rallied to support CBS "Late Show" host Stephen Colbert after the network canceled his show, and comedian Jon Stewart lashed out at Paramount Global for the decision to end the long-running TV program.

President Trump celebrated Stephen Colbert's show cancellation on Truth Social and predicts Jimmy Kimmel and Jimmy Fallon will be next to lose their late-night programs

The surprise cancellation of The Late Show is just the latest blow to the genre.