NEW YORK — CBS announced on Thursday it plans to end “The Late Show with Stephen Colbert” in May 2026, citing a “financial decision.”

Colbert took over hosting duties in 2015 following the retirement of David Letterman, who joined the network in 1993. The show was routinely the highest-rated late-night program during Colbert’s tenure.

“We consider Stephen Colbert irreplaceable and will retire ‘The Late Show’ franchise in May of 2026,” the network said in a statement. “We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television. This is 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 (parent company) Paramount.”

Colbert was informed of the decision Wednesday night and addressed the matter during Thursday’s taping at the Ed Sullivan Theater.

“Before we start the show, I want to let you know something I found out just last night,” he said. “Next year will be our last season. The network will be ending ‘The Late Show’ in May.”

“I’m not being replaced. This is all just going away,” he added. “I wish somebody else was getting it (after me).”

The announcement of the cancellation comes as Paramount is in the midst of a $8 billion merger with Skydance Media. Earlier this month, Paramount settled a CBS News lawsuit with President Donald Trump for $16 million, leading to several high-profile departures at “60 Minutes.”

Industry insiders have speculated that Skydance executives have been scrutinizing the liberal-leaning Colbert, as well as “The Daily Show” host Jon Stewart.

CBS recently canceled “After Midnight,” which aired following Colbert’s program, after only two seasons. The network ended James Corden’s “Late Late Show” in 2023.

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