CBS Pulls the Plug on Stephen Colbert’s Late Show in Budget Overhaul
Hold onto your mugs, because I have THOUGHTS and FEELINGS about CBS announcing the cancellation of Late Show with Stephen Colbert as a “financial decision.” The network broke the news April 1st saying it’s reevaluating its late night slate amid rising production costs. Variety confirms that ad revenue fell 12 percent in the last quarter, while Deadline reports CBS execs quietly signaled this move was inevitable after streaming investments took priority. Stephen Colbert delivered the network’s last taped episode last Friday, closing with a heartfelt thank you that fans are still talking about online.
CBS top brass told The Hollywood Reporter they faced a choice between renewing Colbert’s contract and funding other high-profile projects. With Colbert’s Late Show pulling solid ratings but demanding hefty budgets, brass decided resources are better spent on fresher digital content. People Magazine notes that Colbert’s show cost upwards of $5 million per week to produce, though it still nabbed Emmy nods and guest-star gold. Yet insiders say cutting costs by shelving long-running staples is part of a bigger strategy to appeal to cord-cutters.
Inside the CBS studio lot buzzed like a caffeine-fueled newsroom when staffers heard the news. A production assistant confided to Variety that morale is mixed—sadness over losing Colbert’s sharp-witted monologues but relief that long hours might ease up. Writers who once wrestled with deadlines say they’re already pitching ideas for Colbert’s next move. Meanwhile Colbert, known for his adaptability since his Late Night days, hinted on social media that he’s weighing offers from streaming platforms and premium cable.
Colbert’s departure ends a nine-year run that began in September 2015. Over those seasons he skewered presidents, hosted Hollywood A-list guests, and ramped up social media buzz. CBS aired a taped “farewell special” where Colbert jokingly asked “Is anyone even going to watch me on a rerun?” Audience numbers suggest they sure will. Social channels lit up with tributes from Emma Stone and Ryan Reynolds, who paid homage on Instagram stories calling Colbert “the best at making sense of this crazy world.”
Financial experts telling Bloomberg that broadcast networks are in a pinch explain CBS is reallocating its late-night budget to streaming originals. Sources say a new untitled show fronted by an up-and-coming comic is set to fill the 11:35 PM slot. This pivot reflects an industrywide shake-up as legacy networks chase eyeballs on Paramount+ and other platforms. Fans are bracing for what replaces Late Show, while some hope Colbert lands a fresh deal on a cable rival or streaming giant.
So what happens next when late-night shifts into high-stakes streaming wars? Will Colbert resurface with a new desk or reinvent his format entirely? Stay tuned, because I swear I could talk about this all day, but my fourth cup of coffee is kicking in. Now excuse me while I go decaf and process this circus.
Sources: Celebrity Storm and Variety, Deadline, The Hollywood Reporter, People Magazine, Bloomberg
Attribution: Creative Commons Licensed
