CBS announced in July 2025 that “The Late Show with Stephen Colbert” will conclude in May 2026, marking the end of a 33-year franchise that began with David Letterman in 1993. Network executives described the decision as “purely a financial one” amid a “challenging backdrop in late night,” emphasizing it was unrelated to performance, content, or external factors at parent company Paramount Global. Colbert, who has hosted since 2015, called the news surprising in interviews, noting the show remained the top-rated broadcast late-night program.
The timing sparked speculation, coming shortly after Colbert criticized Paramount’s $16 million settlement with President Donald Trump over a “60 Minutes” segment. Some lawmakers and commentators questioned potential political influences, especially given Paramount’s ongoing merger considerations. CBS reiterated the move was budgetary, with reports indicating annual losses around $30-40 million despite solid viewership.
Colbert’s program averaged approximately 2.4 million viewers in recent quarters, leading competitors like ABC’s “Jimmy Kimmel Live!” (around 1.8 million) and NBC’s “The Tonight Show Starring Jimmy Fallon” (about 1.2 million) among broadcast networks. It also frequently won in key demographics for adults 18-49.
Fox News’ “Gutfeld!”, hosted by Greg Gutfeld and airing at 10 p.m. ET, has consistently drawn higher total viewers on cable, averaging over 3 million in 2025 periods. This positions it as the most-watched late-night program overall when including cable, outpacing all broadcast rivals for multiple consecutive months. Gutfeld has highlighted these figures, suggesting they reflect audience preferences for his style of commentary and humor.
Industry observers note structural differences: “Gutfeld!” benefits from an earlier slot and Fox News’ prime-time lead-in audience, while traditional late-night shows face fragmented viewing via streaming and clips. Budgets vary significantly—Colbert’s production involved over 200 staff, contrasting Gutfeld’s leaner operation.
Reactions split along lines. Supporters of Colbert viewed the end as a loss for sharp political satire, with peers like Kimmel expressing solidarity. Gutfeld and Fox commentators framed it as validation of shifting tastes, with Gutfeld questioning if Colbert’s approach alienated viewers.
Late-night television evolves amid declining linear viewership. Other programs, including ABC’s “After Midnight,” faced earlier cuts. Colbert’s run earned acclaim, including recent Emmy wins, for cultural impact during turbulent years.
As the final season approaches, focus turns to celebrating the franchise’s legacy while networks reassess formats in a digital era.
Gutfeld continues strong momentum, solidifying cable dominance.
Colbert plans to honor the platform through remaining episodes.
Broader debates examine economics versus content in entertainment decisions.
Viewers decide through choices, reflected in sustained ratings divides.
