Why Stephen Colbert is the latest casualty of late-night TV’s changing economics
Stephen Colbert’s exit from late-night TV has caused political outcry, but dropping ad revenues and changing viewer habits may have led to the show’s cancellation
Late-night television had been fighting for its survival even before The Late Show with Stephen Colbert was cancelled this week.
The announced end of one of the most popular broadcast late-night shows, days after host Stephen Colbert accused the network owner of bribing President Donald Trump to approve a merger, drew cries of political foul play from liberal politicians, artists and entertainers.
“Stephen Colbert, an extraordinary talent and the most popular late-night host, slams the deal. Days later, he’s fired. Do I think this is a coincidence? NO,” Vermont Senator Bernie Sanders, an independent, wrote on social media.
CBS executives said in a statement that dropping the show was “purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount.”
Whether politics were at play, the late-night format has been struggling for years, as viewers increasingly cut the cable TV cord and migrated to streaming. Younger viewers, in particular, are more apt to find amusement on YouTube or TikTok, leaving smaller, ageing TV audiences and declining ad revenues.
Americans used to religiously turn on Johnny Carson or Jay Leno before bed, but nowadays, many fans prefer to watch quick clips on social media at their convenience. Advertising revenue for Colbert’s show has dropped 40 per cent since 2018 – the financial reality that CBS said prompted the decision to end The Late Show in May 2026.