CBS is canceling Stephen Colbert's "Late Show" in May 2025 due to declining advertising revenue in the late-night TV landscape. The network cited a 49.8% drop in ad spending from 2018 to 2024, attributed to shifting viewing habits, the pandemic, and the Hollywood strike. While Colbert's relationship with CBS remains strong, the decision reflects broader challenges faced by late-night television, including the exodus of young viewers from traditional TV and the increasing costs associated with production and talent.

Prepared by Emily Rhodes and reviewed by editorial team.