CBS will end "The Late Show with Stephen Colbert" and retire "The Late Show" franchise in May 2026, the company announced Thursday, calling it "purely a financial decision against a challenging backdrop in late night.

Stephen Colbert's friends and colleagues are in shock at The Late Show's surprise cancellation.

CBS’ decision to cut ties with Stephen Colbert and its decades-old “Late Show” franchise come next May will leave a major hole in the format — but one that has been widening. TV networks have been cutting costs at their late-night mainstays for the past few years.

After more than three decades on air, CBS announced on Thursday that its famed "Late Show" franchise is coming to a close. "The Late Show with Stephen Colbert" will officially come to an end in May 2026, according to the network, which said the decision to end the show was a financial one.

President Donald Trump was gleeful over Stephen Colbert's cancellation, saying his "talent was even less than his ratings" on Truth Social.