On Thursday night, Stephen Colbert announced that CBS has canceled The Late Show. The iconic late-night series, which ran for over 30 years between both Colbert and David Letterman's tenures as host, will end in May 2026.

Even CNN’s Brian Stelter, no fan of Trump, said as much, writing: “The bottom has indeed been falling out of the late-night TV business model for several years now. Audience fragmentation and digital competition have led to a decline in ad revenue across the board. One insider described it as ‘cratering’ at CBS.”

Days before the cancellation news, Colbert took a dig at Tiffany Network, which is owned by CBS’ parent company Paramount, over its $16 million settlement with Donald Trump over a controversial “60 Minutes” interview with Kamala Harris ahead of the expected Skydance Media-Paramount merger.

The president mocks Stephen Colbert for CBS' decision - and throws shots at Jimmy Kimmel and Jimmy Fallon while he's at it.

On Thursday, CBS announced that it was cancelling the long running The Late Show with Stephen Colbert. The cancellation news came just days after Stephen Colbert, a critic of Donald Trump, called out Paramount, the parent company of CBS, over its $16 million settlement with the president.

Later, Schiff did address CBS’ decision to cancel Late Show, writing on X, “Just finished taping with Stephen Colbert who announced his show was cancelled. If Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better.”

Donald Trump "absolutely loves" that The Late Show with Stephen Colbert has been cancelled and hopes Jimmy Kimmel and Jimmy Fallon will lose their jobs too.