Losing Stephen Colbert and the Late Show is a crushing blow, whatever the reason

The Guardian

22-07-2025

Last Thursday, when Stephen Colbert announced on air that CBS had decided to cancel The Late Show, its flagship late-night comedy program, after 33 years in May of next year, I was shocked.
For the better part of six years, I have watched every late-night monologue as part of my job at the Guardian (hello, late-night roundup), and though I often grumble about it, The Late Show has become a staple of my media diet and my principle source of news; as a millennial, I haven't known a television landscape without it. There are many bleaker, deadlier things happening daily in this country, and the field of late-night comedy has been dying slowly for years, but the cancellation of The Late Show, three days after Colbert called out its parent company for settling a lawsuit with Donald Trump, felt especially and pointedly depressing – more a sign of cultural powerlessness and corporate fecklessness in the face of a bully president than the inevitable result of long-shifting tastes.
Reporting in the days since the announcement have lent some credence to CBS's claim that this was 'purely a financial decision'. Though The Late Show has led the field of late-night comedy in ratings for years, it only averages about 2.47 million viewers a night. Its ad revenue plummeted after the pandemic; Puck's Matthew Belloni reported that the show loses $40m for CBS every year. Of the network late-night shows – NBC's Late Night With Seth Meyers, The Tonight Show With Jimmy Fallon, and ABC's Jimmy Kimmel Live! – Colbert's Late Show has the smallest footprint on social media, where Fallon's celebrity gags still reign supreme. The format of late-night television – a host delivering a topical monologue, house band, celebrity guest interviews – is a living relic of a different time, when a youth-skewing audience would reliably pop on linear television at 11.30pm. The field has been contracting for years, with programs hosted by Samantha Bee, James Corden and Taylor Tomlinson ending without replacement. Ad revenue for the genre as a whole is down 50% from just seven years ago, in the middle of Trump 1.0. It's long been assumed that the hosts currently in these once-coveted chairs would be the last, their programs expiring when they decided to step down.
What's shocking is that Colbert, who was reportedly set to renegotiate his one-year contract at the end of this season, was not given that time, which just so happens to coincide with a critical window for the intended merger of CBS parent company Paramount with Skydance Media. Three days before the announcement, Colbert called Paramount's settlement with Trump a 'big fat bribe' to incentivize the administration's approval of this $8bn deal managed by two billionaire families.
Regardless of Colbert's contract timing, it seems the cancellation of The Late Show is a financial decision, just not in the way CBS is framing it. It's not about the $40m The Late Show is losing per year – a lot of money, to be sure, though a drop in the bucket for the major players here – but the $8bn on the line with this merger. There were presumably other options; Late Night With Seth Meyers dispensed of its house band and musical acts last year to save money. With new billionaire ownership, there could be some business maneuvering, should independent political comedy be a priority. Colbert's Late Show, a leading critic of Donald Trump on network television, is clearly not; the show may have been a money loser, but in this context, it's a convenient sacrifice.
And though it's easy to roll one's eyes at late-night television – I often do – it's an especially disappointing one, both in the culture at large and in the dwindling 11.35pm time slot. For years, I have argued that the late-night shows have long outstripped their original function as comedy programs. They are satirical, occasionally relevant, sometimes profane, but hardly ever funny, in the traditional sense of making you laugh. Often, they resort to so-called 'clapter' – laughter as a polite applause, jokes for agreement rather than laughter – in a deadening anti-Trump feedback loop. With the exception of The Daily Show, a cable program founded for the purpose of political satire, the shows basically serve two functions in the internet era: 1 Generate viral celebrity content as they promote another project, and 2 Comment freely on the news, unbound from the strictures of decorum, tone and supposed 'objectivity' that hamstrings so much journalism in the US.
The latter was, I'd argue, the most important contribution of late-night television in the Trump era, when the president and his minions exceeded parody, and Colbert was the best at it. Nimble, erudite, self-deprecating but exceptionally well-read, Colbert transformed from extremely successful Fox News satirist to the reverend father of late-night TV: principled, authoritative but hardly ever self-righteous, deeply faithful to the American project, steadfastly believing in the decency of others. (Colbert is a practicing Catholic and die-hard Lord of the Rings fan, facts that sometimes snuck into his monologues.) At times, such old-school values felt insufficient for the moment; the format of late-night comedy as a whole has proven futile, even pathetic, in the face of Donald Trump's brand of shamelessness, the Maga movement's ability to turn everything into a joke. But these hosts, and the Daily Show-trained Colbert especially, did something that the rest of news media or the sprawling celebrity and comedian podcast network could not: call bullshit on the administration with the imprimatur of a major television network, and say exactly what they were feeling.
That ability proved useful to me, as a viewer, at times when it seemed standard media was incapable of articulating what was happening. During the pandemic, or the Black Lives Matter protests of 2020, or on January 6, or when Trump was re-elected, or when Republicans mocked Californians during the devastating LA wildfires earlier this year, late-night television had the freedom to express outrage, and Colbert in particular to express moral injury. The jokes were almost never surprising; they weren't really even jokes. But it still felt soothing to see someone say them, with corporate backing, at an institution that still carried enough name recognition to, well, merit a 'late-night roundup'.
Colbert, ultimately, will be fine. He is a skilled comedian whose talents weren't always well-tapped by the strict format of late-night comedy. Perhaps he will join the legion of comedians with podcasts, speaking directly to fans; perhaps he will release a special. But his absence from late-night television spells doom for the rest of the format, and more importantly for freedom of speech on the big networks. Late-night comedy has been fighting a losing battle for a long time, and The Late Show was never going to out-influence the rising tide of rightwing media, the manosphere or any number of independent shows in a fracturing media landscape. But the fact that he could try, from one of the more famed perches in television, still meant something.