Colbert is latest casualty of late-night TV's fade-out
The announced end of one of the most popular broadcast late-night shows, days after host Stephen Colbert accused the network owner of bribing President Donald Trump to approve a merger, drew cries of political foul play from liberal politicians, artists and entertainers.
"Stephen Colbert, an extraordinary talent and the most popular late-night host, slams the deal. Days later, he's fired. Do I think this is a coincidence? NO," Vermont Senator Bernie Sanders, an independent, wrote on X.
CBS executives said dropping the show was "purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show's performance, content or other matters happening at Paramount".
The late-night format has been struggling for years as viewers increasingly migrate to streaming. Younger viewers, in particular, are more apt to find amusement on YouTube or TikTok, leaving smaller, aging TV audiences and declining ad revenues.
Americans used to religiously turn on Johnny Carson or Jay Leno before bed, but nowadays many fans prefer to watch quick clips on social media.
Advertising revenue for Colbert's show has dropped 40 per cent since 2018 - the financial reality that CBS said prompted the decision to end The Late Show in May 2026.
One former TV network executive said the program was a casualty of the fading economics of broadcast television.
Colbert's late-night show rivals Jimmy Fallon and Seth Myers both expressed shock over the cancellation.
"I'm just as shocked as everyone," Fallon wrote on Instagram.
"For as great a comedian and host he is, Stephen Colbert is an even better person," Meyers wrote on Instagram.
Fifteen years ago, a popular late-night show like The Tonight Show could earn $US100 million ($A153 million) a year, the executive said. Recently, though, The Late Show has been losing $US40 million ($A61 million) a year, said a person briefed on the matter.
The show's ad revenue plummeted to $US70 million ($A107 million) last year from $US121million ($A185 million) in 2018, according to ad tracking firm Guideline. Ratings for Colbert's show peaked at 3.1 million viewers on average during the 2017-18 season, according to Nielsen data.
For the season that ended in May, the show's audience averaged 1.9 million.
Comedians like Colbert followed their younger audiences online, with the network releasing clips to YouTube or TikTok. But digital advertising did not make up for the lost TV ad revenue, the source with knowledge of the matter said.
But the end came at a politically sensitive time.
Paramount Global, the parent company of CBS, is seeking approval from the Federal Communications Commission for an $US8.4 billion ($A12.8 billion) merger with Skydance Media.
This month Paramount agreed to settle a lawsuit filed by Trump over a 60 Minutes interview with his 2024 Democratic challenger, Kamala Harris.
Colbert called the payment "a big fat bribe" two days before he was told his show was cancelled.
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