‘Late Show With Stephen Colbert’ Is Being Canceled by CBS

Business|CBS Canceling ‘Late Show With Stephen Colbert’ After Next Season

In a decision that shocked the entertainment industry and comedy world, CBS said on Thursday that it was canceling the most-watched show in late night, “The Late Show With Stephen Colbert,” and retiring a franchise that has existed for more than three decades.

Mr. Colbert’s run — and “The Late Show” itself — will end in May.

CBS executives said in a statement that the cancellation 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,” said the executives, who included George Cheeks, the president of CBS and a co-chief executive of Paramount, CBS’s parent. “Our admiration, affection and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult.”

Mr. Colbert’s abrupt cancellation is the latest is a series of profound changes to the world of late-night television. The genre has been struggling as the majority of the country migrates in droves to streaming entertainment and away from traditional broadcast and cable television. Last month, streaming overtook broadcast and cable as the leading distribution method for video entertainment for the first time.

The number of late-night shows has dwindled in recent years. So much so that earlier in the week the Emmys awarded only three nominations for best talk show because of a lack of submissions. Six years ago, the category had double the number of nominees.

The genre has also experienced a sharp decline in advertising revenue in recent years. In 2018, network late-night shows took in $439 million in ad revenue, according to Guideline, an advertising data firm. By last year, that figure had dropped to $220 million, a 50 percent drop in just seven years.

“The Late Show” began in 1993, hosted by David Letterman until September 2015, when Mr. Colbert replaced him.

This is a developing story. Check back for updates.