A new report from Puck's Matt Belloni is shedding light on the finances that led to CBS' bombshell cancellation of "The Late Show with Stephen Colbert."

Prominent political figures as well as Hollywood stars have reacted with disgust over the news that 'The Late Show With Stephen Colbert' will end its run in 2026.

CBS could not figure out a path to profitability in an entertainment world increasingly dominated by streaming.

This is all just going away,” host Stephen Colbert said while taping his Thursday show.

Skydance CEO David Ellison and his lawyer met with Federal Communications Commission chair Brendan Carr and an FCC lawyer on Tuesday, a new regulatory filing shows. Why it matters: The meeting came two days before CBS abruptly announced that it is canceling "The Late Show with Stephen Colbert" after the next season in May 2026,

Ten years on, CBS has snatched the crown off its head. The network appears to have grown so dismayed with the state of late-night television that it has unceremoniously canceled one of the genre’s most successful stalwarts: In a statement last night,

“Given Paramount’s recent capitulation to President Trump in the CBS News lawsuit, the Writers Guild of America has significant concerns that The Late Show’s cancelation is a bribe, sacrificing free speech to curry favor with the Trump Administration as the company looks for merger approval,” it noted (see full statement below).

Liberal celebrities and politicians mourned the cancellation of "The Late Show with Stephen Colbert" as CBS claims the decision is purely financial and unrelated to the show's content.