In a move that signifies the end of an era for late-night television, CBS has officially canceled its flagship program, “The Late Show with Stephen Colbert,” with the final episode scheduled to air in May 2026. Colbert, once a dominant force who redefined the genre with his sharp political satire, has become the latest and most high-profile victim of late-night TV’s precipitous decline—a downfall driven by collapsing viewership, cratering ad revenue, and a fundamental shift in how audiences consume media.

While the cancellation announcement came just days after a politically charged on-air moment where Colbert accused the network’s owner of impropriety involving President Donald Trump, network executives have been adamant that the decision was “purely a financial” one. A closer look at the numbers reveals a grim financial reality that made the show’s continuation untenable.

At its peak during the 2017-18 television season, “The Late Show” was a ratings powerhouse, averaging 3.1 million viewers a night. However, by the end of the most recent season, that number had plummeted to just 1.9 million. This steep drop in viewership had a direct and devastating impact on the show’s bottom line. Advertising revenue, which stood at a healthy $121.1 million in 2018, had fallen to just $70.2 million by last year. According to industry insiders, the show had recently been losing a staggering $40 million annually.

The fall of “The Late Show” is not an isolated incident but rather a symptom of a much larger trend. The entire late-night format, a television staple for over half a century, is struggling to survive in the modern media landscape. The traditional model of appointment viewing, where audiences would tune in at 11:35 p.m. for a monologue and celebrity chat, has been rendered nearly obsolete by the rise of streaming services and social media.

Younger audiences, in particular, have abandoned linear television. They no longer watch full episodes, preferring instead to consume bite-sized clips of monologues, interviews, and comedy sketches on platforms like YouTube and TikTok the next day. While these clips generate millions of views, the digital advertising revenue they produce has failed to compensate for the massive loss of traditional television ad dollars. A former network executive noted that just fifteen years ago, a popular late-night show could easily earn $100 million a year, a figure that seems almost unthinkable in today’s market.

CBS’s recent actions signal a broader retreat from the format. The network chose not to replace James Corden after he departed “The Late Late Show” in 2023 and canceled its midnight talk show, “After Midnight,” in the same year. Now, with the cancellation of its flagship 11:35 p.m. show, the network is all but exiting the late-night talk show business.

While Colbert’s sharp, left-leaning political commentary earned him a loyal following, it also alienated a large segment of the potential audience, a factor that likely accelerated his decline in an already challenging market. His departure leaves a massive void and raises profound questions about the future of the genre.

The era of the all-powerful late-night host who could command a massive, unified audience and shape the national conversation appears to be over. Stephen Colbert’s rise and fall will be remembered as a defining chapter in this story—a brilliant and influential run that ultimately could not withstand the seismic shifts in media consumption and economic reality. His exit is not just the end of a show; it’s a powerful symbol of the twilight of late-night itself.