Stephen Colbert announced Thursday that The Late Show will end its run on CBS in May 2026, marking the conclusion of his decade-long tenure hosting the show.

CBS confirmed the cancellation in a statement, calling the move “purely a financial decision,” and claimed that it had nothing to do with the show’s performance or Colbert’s content.

“It is not related in any way to the show’s performance, content or other matters happening at Paramount,” CBS said in a statement. “Our admiration, affection and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult.”

Colbert told his audience he was informed of the decision Wednesday night. “Next year will be our last season. … It’s the end of ‘The Late Show’ on CBS. I’m not being replaced. This is all just going away,” he said, responding to audience boos by saying, “Yeah, I share your feelings.”

Speculation has grown that the show’s cancellation may be tied to a recent settlement between President Donald Trump and Paramount Global, CBS’s parent company. Paramount reportedly paid Trump $16 million to settle a lawsuit filed last October after CBS edited a 60 Minutes interview with Vice President Kamala Harris during her presidential campaign.

Colbert criticized the settlement on Monday’s broadcast. “I don’t know if anything — anything — will repair my trust in this company,” he said. “But, just taking a stab at it, I’d say $16 million would help.”

President Trump celebrated the cancellation in a Truth Social post, writing, “I absolutely love that Colbert’ got fired. His talent was even less than his ratings.” He also took aim at another late-night host, adding, “I hear Jimmy Kimmel is next. Has even less talent than Colbert!”

Colbert has hosted The Late Show since 2015 after the departure of longtime host David Letterman. According to TV Insider, the show averaged nearly 2.5 million viewers during the second quarter of this year.

For an alternative to legacy late-night television, tune in to Turning Point Tonight airing weeknights, Monday through Friday, on Real America’s Voice.