CBS Director Explains Cancellation of The Late Show Stemming from Financial Issues

NEW YORK, NY — CBS‘s decision to cancel The Late Show With Stephen Colbert has sparked ongoing controversy, but the network’s executives have remained mostly quiet until now. On August 7, following the official takeover of Paramount by Skydance, Paramount Global TV Media Chairman George Cheeks addressed the reasons behind the cancellation at a press conference.

Cheeks explained, “The challenge in late night is that the advertising marketplace is in significant secular decline. We are huge fans of Colbert; we love the show. Unfortunately, the economics made it a challenge for us to keep going.” This statement reinforces the company’s earlier claims that the cancellation was a financial decision, not influenced by Colbert’s recent criticisms of the company.

Cheeks further noted that the decision not to renew Taylor Tomlinson‘s contract for the late-night slot played a critical role. “We knew we couldn’t stay in that daypart,” he said, indicating that CBS has opted to end other late-night programs, including After Midnight, which was initially a reboot of Comedy Central’s @midnight.

Tomlinson expressed her disappointment about not being able to continue and had hoped to pass the torch to a new host. “It was my dream to finish off this season and hand it off to a new host. I really wanted CBS to replace me because I just think there are so many amazing comedians who would have done a great job with this show,” she told her audience.

The cancellation of The Late Show comes at a challenging time for late-night television as ad revenue has significantly decreased in recent years, drawing a stark contrast to the ratings the show previously enjoyed. Cheeks remarked, “At the end of the day, it just wasn’t sustainable to continue,” talking about the financial pressures faced by the show.

Colbert will continue to host The Late Show until April 2026. Speculation about who will replace the show in the 11:35 PM ET time slot remains open, as CBS is currently evaluating its options.