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As you’ve likely heard by now, Stephen Colbert’s Late Show has been canceled by CBS and will come to an end in May of 2026.
It’s a stunning move for a number of reasons, not the least of which is that Colbert actually led the late night pack in terms of live ratings.
The situation has raised questions about the sustainability of the talk show genre and the future of Colbert’s counterparts on other networks, particularly NBC’s late night stalwart Jimmy Fallon.
(Photo by Theo Wargo/Getty Images)
Trump weighs in following Colbert cancelation
On his Truth Social platform, frequent Colbert target Donald Trump gloated about the cancelation and suggested that other networks should follow suit:
“The reason he was fired was a pure lack of TALENT, and the fact that this deficiency was costing CBS $50 Million Dollars a year in losses — And it was only going to get WORSE!” Trump wrote.
“Next up will be an even less talented Jimmy Kimmel, and then, a weak, and very insecure, Jimmy Falon [sic]. The only real question is, who will go first?” the president continued.
The commentary from the White House came as Fallon was in talks to renew his contract with NBC.
But it seems that network execs were not swayed by Trump’s bluster, as Page Six is now reporting that Fallon’s contract has been renewed through 2028.
News of Fallon renewal comes at uncertain time
But while Fallon and his staff are no doubt relieved that the contract talk is settled, these are still precarious times for the few remaining late night hosts.
CBS isn’t replacing Colbert with a new host — the network is simply getting out of the late night game altogether.
The gradual move began in 2023, when the network announced that it would not replace James Corden with another traditional talk host after he stepped down as Colbert’s follow-up.
Instead, CBS took a gamble with the “comedy game show” After Midnight, with host Taylor Tomlinson. That gamble did not pay off, and the show was canceled in March of 2025.
As Page Six notes, Fallon might have survived the chopping block this time around, but the industry-wide contraction continues.
“Seth [Meyers] and Jimmy had budget cuts last year, which saw Jimmy go from five days a week to four days,” one industry insider tells the outlet.
“He records Monday through Thursday and the show repeats on Friday.”
Sources speculate that Fallon was spared in large part because his show is the least political of all the current late night offerings.
Colbert’s ratings were in decline, and his show was losing money, but it’s still widely believed that the host’s outspoken views were the final nail in his coffin.
“While his staff liked him, corporate didn’t … and Colbert’s contract was up … so it was a perfect storm,” says the insider.
Jimmy Fallon Contract Renewal: Is He Next on the Chopping Block Following Colbert … was originally published on The Hollywood Gossip.