Stephen Colbert's Late Show will end in May 2026 as CBS faces financial concerns, while politicians like Bernie Sanders question if the cancellation relates to Trump criticism.

In a wholesale late-night talk show change, CBS is exiting the space with the cancellation of the Late Show With Stephen Colbert, sunsetting the franchise that launched in 1993 with David Letterman as host.

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.

Joaquin Phoenix says he regrets his infamous interview with David Letterman, in which he remained in character for the entire, awkward conversation.

The network claimed it was “purely a financial decision.” “We consider Stephen Colbert irreplaceable and will retire ‘The Late Show’ franchise in May of 2026,” CBS executives’ statement read. “We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television.”