A stunning knockout to late-night TV, CBS revealed The Late Show With Stephen Colbert would be cut in May 2026. Last Week Tonight host John Oliver referred to the news as “incredibly sad” and “terrible news for the world of comedy,” giving rise to cross-the-board argument about the future of the genre.
A Personal Loss for Oliver
Addressing the media in Erie, USA, to help sell the new Moon Mammoths baseball team, Oliver was effusive in his praise for Colbert. “I love Stephen, I love his show, I love that team,” he had to say regarding their past. Oliver further shared his experience of watching, ‘The Late Show on David Letterman,’ hosted by Colbert which he used to find “glamorous.”
Appearing on the show was “one of the most fun things,” so the cancellation was a professional and personal gut-blow. He remains upbeat, saying, “I look forward to seeing what does next because that man will not stop.”
Even during the shutdown, Oliver is “partly excited” about Colbert’s last 10 months, looking forward to bold, unapologetic programming. Colbert, informed of the decision mere moments prior to his on-air reveal, was booed by his audience but vowed to continue with his “usual gang of idiots.”
Jimmy Fallon’s Instagram Story
Jimmy Fallon expressed shock and sadness over CBS’s decision to cancel ‘The Late Show with Stephen Colbert in May 2026. In an Instagram post, Fallon referred to Colbert as “one of the sharpest, funniest hosts to ever do it,” deploring the passing of a show he had hoped to “ride out” with.
He emphasized their long-standing friendship, which goes back to since The Colbert Report, and stated he had faith in what Colbert would do next. Cancellation due to financial struggles in late-night television has provoked widespread reactions, with Fallon joining Jimmy Kimmel and other hosts in defending Colbert.
Late-Night’s Declining Fortunes
CBS attributed budget constraints in a diminishing linear television universe as the reason for canceling the 33-year-old Late Show brand, saying it has nothing to do with ratings or programming. However, the timing, mere days after Colbert labeled Paramount’s $16 million pay-off to Donald Trump as a “bribe,” has resulted in speculation of political motivations, particularly in the aftermath of Paramount’s merger with Skydance Media.
Writers Guild of America has asked for an investigation, where they had suspected a “bribe” to appease the Trump administration. Ratings for late-night shows such as Colbert’s and Fallon’s are nowhere near their best, and YouTube competition with cheaper alternatives is eroding the viability of the genre.
