In a dramatic shake-up that’s sending shockwaves through the entertainment industry, CBS has officially canceled The Late Show with Stephen Colbert, prompting an outpouring of support from some of the biggest names in comedy. From Jimmy Fallon to John Oliver, fellow late-night hosts and comedic heavyweights are now closing ranks around Colbert, who learned last Thursday that his show—once the most-watched in its time slot—would end in May 2026.
Jimmy Fallon, the longtime host of NBC’s The Tonight Show, is reportedly set to cross network lines and make an on-air appearance at the Ed Sullivan Theater in Manhattan, home to The Late Show. According to sources close to the matter, Fallon will join a group of top comedians on Monday night in a show of solidarity for Colbert. Though the full lineup has yet to be confirmed, the moment marks a rare and emotional display of unity in the famously competitive world of late-night television.
The cancellation has raised eyebrows not just for its suddenness, but for the timing. Just three days before the announcement, Colbert, 61, had taken a pointed swipe at CBS executives over their controversial $16 million settlement with former President Donald Trump. The deal stemmed from a buried 60 Minutes interview with Vice President Kamala Harris, and comes as CBS’s parent company, Paramount Global, seeks regulatory approval for an $8 billion sale to independent studio Skydance.
Colbert’s jab may have crossed an invisible line. “The timing is too close for comfort,” one network insider noted. “There’s real speculation about whether his comments played a role.”
CBS has officially denied any political motivation behind the decision. The network maintains that the cancellation was “purely financial,” citing mounting production costs and declining ad revenue across all late-night programs. Reports indicate The Late Show had an annual budget exceeding $100 million, with the program losing as much as $40 million per year in recent seasons.
A CBS executive, speaking anonymously, acknowledged that “the show started to slide two years ago,” referencing industry-wide challenges affecting late-night television, including audience fragmentation and the rise of streaming. “It’s not just Colbert. Everyone’s struggling.”
Still, many in the comedy community see the decision as both personal and unprecedented. ABC’s Jimmy Kimmel, currently on vacation, didn’t mince words. “Love you, Stephen. F—k you and all your Sheldons, CBS,” he posted on Instagram, a reference to the network’s dependence on sitcoms like Young Sheldon.
John Oliver, host of HBO’s Last Week Tonight, also expressed deep frustration, telling the Associated Press that Colbert’s departure marked the end of an era. “Even growing up in England, I would watch [David] Letterman’s show, which of course was Stephen’s show, and think about what a glamorous world that was,” he said. “So it’s very, very, very sad news.”
Seth Meyers of NBC’s Late Night chimed in with a more personal take: “For as great a comedian and host (as) he is, @stephenathome is an even better person. I’m going to miss having him on TV every night but I’m excited he can no longer use the excuse that he’s ‘too busy to hang out’ with me.”
Reps for Colbert, CBS, and the supporting comedians declined to comment. However, a source close to the host says Colbert is “processing the news” but remains committed to his final year. “He wants to go out strong. That’s all he’s focused on now.”
Industry analysts say Colbert’s exit could trigger broader changes in the late-night landscape, which has already seen audiences migrate to YouTube, TikTok, and streaming services. “The traditional late-night model is cracking,” said media analyst Denise Roberts. “Colbert’s cancellation could be the tipping point.”
Despite the uncertainty, one thing is clear: Stephen Colbert leaves behind a legacy that redefined political satire and elevated The Late Show to historic heights. From his early days on The Colbert Report to his Emmy-winning run at CBS, the comedian turned cultural commentator never lost his edge—or his audience.
And while his tenure at The Late Show may be coming to an end, those who know him best say this is far from his final act.
“Stephen isn’t done,” Fallon reportedly told a colleague. “Not even close.”
As the lights begin to dim on one of late night’s most iconic stages, the question now turns to what’s next—for Colbert, for his fans, and for an industry suddenly facing the void he’ll leave behind.
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