Skydance Executive Explains Why The Late Show with Stephen Colbert Was Cancelled

A top executive at Skydance gives fans a little more insight into why The Late Show with Stephen Colbert was canceled.

Per Deadline, Skydance Chair of TV Media George Cheeks said in a press conference that “The challenge in late night is that the advertising marketplace is in significant secular decline. We are huge fans of Colbert, we love the show, unfortunately the economics made it a challenge for us to keep going.” Cheeks added, “I know [Skydance] is going to invest, but they’re going to invest cautiously and wisely, so for me, managing this business is really important for me to double down [in] primetime and sports.”

The news of The Late Show‘s cancellation came on Jul. 17 in a shocking announcement from CBS, which cited the move as being the result of a “financial decision.” Colbert himself addressed the news on social media, confirming that the final episode of The Late Show would be airing in May 2026. Colbert took things one step further and assured audiences, many of whom have been watching The Late Show since it began in 1993 with legendary host David Letterman, that he is “not being replaced. This is all just going away.”

Since The Late Show was canceled, numerous other late-night personalities have been vocal about their displeasure and unease with the move. The Tonight Show host Jimmy Fallon opened the July 22 episode of his own show with, “I am your host. Well, at least for tonight. I don’t like what’s going on one bit. These are crazy times.” Fallon went on to express genuine concern that canceling The Late Show wouldn’t just be bad for the genre, but for the network as well. “CBS could lose millions of viewers, plus tens of hundreds watching on Paramount+.”

What’s Next for Stephen Colbert After The Late Show?

While fans have less than a year left to watch Stephen Colbert host The Late Show on CBS, that doesn’t mean they are done seeing him appear as a late-night host on the network in general. It was recently confirmed that Colbert will be taking on the role of a fictional late-night talk show host in an upcoming episode of the hit “howcatchem” mystery series Elsbeth. A spinoff of The Good Wife and The Good Fight, Elsbeth stars Carrie Preston as Elsbeth Tascioni, an attorney with a penchant for getting caught up in a new murder investigation almost every single episode. Colbert will make his Elsbeth debut during the series’ third season, which is currently set to premiere on CBS on Oct. 16.