Stephen Colbert aired the final episode of The Late Show on Thursday night, May 21, 2026, at the Ed Sullivan Theater in New York City [1, 2].
The conclusion of the program marks the end of a significant era in late-night television. While CBS framed the exit as a planned farewell, the timing coincides with a public dispute involving the network's parent company and a former U.S. president.
Colbert hosted the show for 11 seasons [3]. The broader Late Show franchise has been a staple of the CBS network for 33 years [4]. The final broadcast served as the culmination of a run defined by sharp political satire and high-profile guests.
However, the exit is clouded by reports of a feud between Colbert and former President Donald Trump. Some outlets linked the show's end to Colbert's on-air criticism of a $16 million settlement [5] paid to Trump by Paramount, the parent company of CBS.
During the conflict, Colbert referred to the settlement as a "Big, Fat Bribe" [6]. He also said that "Trump is desperately looking for a scapegoat" [7]. These comments created tension between the comedian and the corporate leadership at Paramount.
CBS News said the finale was a natural conclusion to more than 30 years of late-night history [8]. Conversely, other reports suggested the program was canceled due to the fallout from the settlement controversy [5].
The final episode featured a retrospective of Colbert's tenure and a farewell to the audience in New York City. The departure leaves a void in the late-night landscape as networks continue to navigate the shift toward digital streaming, and shorter-form content.
“"Trump is desperately looking for a scapegoat"”
The end of The Late Show reflects a broader tension between creative independence in political satire and the corporate interests of media conglomerates. When a host's public criticism clashes with the financial settlements of a parent company, it highlights the fragile boundary between editorial freedom and corporate liability in the modern media era.
