Paramount's cancellation of "The Late Show with Stephen Colbert" has sparked debate about the future of late-night television. High production costs, declining ad revenue from shrinking pay-TV subscriptions, and the rise of streaming are cited as contributing factors. Colbert's show reportedly lost $40 million annually. The decision comes as Disney weighs the future of Jimmy Kimmel's show, which, unlike Colbert's, serves as a valuable marketing platform for Disney's content. The fate of late-night TV hangs in the balance as traditional networks grapple with evolving viewing habits and a shift towards streaming.

Prepared by Emily Rhodes and reviewed by editorial team.