CBS will end "The Late Show with Stephen Colbert" and retire "The Late Show" franchise in May 2026, the company announced Thursday, calling it "purely a financial decision against a challenging backdrop in late night.

Colbert shared the news with his studio audience ahead of the show Thursday, telling them CBS canceled the show. Read what he said.

As Colbert's show comes to an end, questions now surround Jon Stewart's future amid the changing media landscape. The 62-year-old hosted Comedy Central's The Daily Show from 1999 to 2015. He later hosted The Problem with Jon Stewart on Apple TV+ from 2021 to 2023 and returned to The Daily Show in 2024 part-time. Paramount also owns Comedy Central.