Paul McCartney performed "Hello, Goodbye" on the final episode of The Late Show with Stephen Colbert on Thursday, May 22, 2026 [1].
The cancellation marks the end of a 33-year run [2] for one of the most influential franchises in U.S. late-night television. The move reflects a broader shift in network broadcasting as traditional linear television faces declining revenues and changing viewer habits.
The episode aired from the CBS Studio Center in Los Angeles [3]. McCartney concluded the broadcast by symbolically turning off the studio lights, signaling the official end of the program [4]. The performance served as a thematic farewell to the audience, and the staff who maintained the show's presence on the network for over three decades.
Stephen Colbert addressed the circumstances surrounding the show's conclusion during the broadcast. He said, "It was a financial decision" [5].
CBS decided to end the franchise based on these financial considerations [6]. The decision comes amid a volatile economic climate for network television, where high production costs for late-night talk shows often clash with shrinking advertising budgets. The network did not provide specific figures regarding the budget cuts associated with the closure.
Reports indicate that the finale was designed to provide a definitive close to the series rather than a quiet fade-out. By featuring a global icon like McCartney, the network ensured the conclusion of the 33-year [2] institution received significant public attention. The choice of "Hello, Goodbye" underscored the duality of the moment, celebrating the show's history while acknowledging its departure from the airwaves.
“"It was a financial decision."”
The end of The Late Show signifies the continued erosion of the traditional late-night talk show model. As networks prioritize cost-cutting and digital-first content, the high overhead of a nightly studio production becomes difficult to justify. This closure suggests that even high-profile franchises are no longer immune to the financial pressures facing linear media.
