In a move that has sent shockwaves through the television industry, CBS has announced the cancellation of “The Late Show with Stephen Colbert,” effective next May at the end of its broadcast season. This decision, attributed by the network to the show reportedly losing $40 million a year, has ignited a fierce debate, particularly given the unprecedented success of Fox News’s “Gutfeld!” which has quietly, yet consistently, outdrawn Colbert in the late-night ratings battle.

Stephen Colbert addressed the cancellation on Monday, questioning the stated financial reasons by asking, “How could it purely be a financial decision if ‘The Late Show’ is No. 1 in ratings?” However, a closer look at the numbers reveals a different narrative unfolding in the competitive late-night landscape. Fox News Channel’s “Gutfeld!” has not only emerged as the most-watched late-night program on television but has reportedly maintained a dominant lead over Colbert for an astonishing 21 consecutive months among total viewers, and 13 months in a row in the crucial advertiser-coveted demographic of adults aged 25-54.

While the two shows air at different times—”Gutfeld!” at 10 p.m. ET and Colbert’s “The Late Show” at 11:35 p.m. ET—the raw viewership data paints a clear picture of shifting loyalties. In 2025, through July 20, “Gutfeld!” commanded an impressive average of 3.1 million viewers. In stark contrast, CBS’s outgoing “Late Show” averaged 1.9 million viewers during the same period. The disparity becomes even more pronounced when compared to other network late-night staples: ABC’s “Jimmy Kimmel Live!” averaged 1.5 million viewers, NBC’s “The Tonight Show starring Jimmy Fallon” drew 1.1 million, and “Late Night with Seth Meyers” managed 751,000.

The advertiser-coveted 25-54 demographic further solidifies “Gutfeld!’s” ascendancy. Greg Gutfeld’s program averaged 398,000 viewers in this key demo, significantly outperforming Colbert’s 288,000. “Jimmy Kimmel Live!” followed with 267,000 demo viewers, with “The Tonight Show” at 262,000, and “Late Night” at 181,000. “Gutfeld!” also demonstrated broad appeal across younger demographics, averaging 248,000 adults aged 18-49, surpassing Colbert (188,000), Kimmel (175,000), Fallon (160,000), and Meyers (113,000).

The cancellation of “The Late Show” comes amidst broader speculation about the future of Paramount-owned late-night programs, which also include Comedy Central’s “The Daily Show.” A planned corporate merger between Paramount and Skydance Media is pending approval from the FCC later this year, adding another layer of complexity to CBS’s decision. Critics suggest that while financial losses are cited, the timing of the cancellation is suspicious, potentially signaling an effort to appease the Trump administration.

Colbert himself, known as a fierce critic of President Donald Trump on television, quipped a defiant “go f— yourself” to Trump on Monday night in response to the former President’s taunts about the show’s cancellation. This public defiance follows a significant development earlier this month, when Paramount Global and CBS agreed to settle Trump’s $20 billion election interference lawsuit against the network for at least $16 million. Days before CBS announced “The Late Show” was being pulled, Colbert was outspoken against this settlement, controversially labeling it a “big fat bribe.”

The confluence of these events—Greg Gutfeld’s undeniable ratings dominance, the significant financial losses reported for “The Late Show,” and the politically charged backdrop of a looming corporate merger and legal settlements—paints a complex picture for the future of late-night television. While Colbert’s “The Late Show” may have held the top spot among network late-night comedy programs airing in the traditional 11:35 PM slot, “Gutfeld!’s” consistent overall viewership, despite its earlier 10 PM ET time slot and narrower cable news distribution, indicates a fundamental shift in audience preferences and the evolving landscape of televised entertainment.

As the curtain prepares to close on “The Late Show” next May, the late-night crown undeniably sits on Greg Gutfeld’s head, signaling a new era where traditional comedic formats face formidable competition from programs that blend news, commentary, and a unique brand of humor that resonates with a broad and growing audience. The question remains whether other networks will adapt to this changing tide or continue to grapple with the seismic shifts now redefining success in the late-night television arena.