Stephen Colbert delivers devastating update on future of The Late Show
The show is ending and Colbert will not be replaced, CBS executives said.
'This is 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 executives said in a statement.
CBS parent company Paramount is seeking approval from the US Federal Communications Commission for an $US8.4 billion ($12.5 billion) merger with Skydance Media. This month, Paramount agreed to settle a lawsuit filed by US President Donald Trump over an interview with former vice president Kamala Harris, his Democratic challenger in the 2024 presidential race, that CBS's 60 Minutes broadcast in October.
Colbert, a frequent critic of Trump on his show, told his audience on Thursday that he was informed of the show's cancellation the night before.
Senator Adam Schiff of California, a Democrat, was a guest during Thursday's show.
'If Paramount and CBS ended The Late Show for political reasons, the public deserves to know. And deserves better,' Schiff wrote on X.
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The Advertiser
2 hours ago
- The Advertiser
Trump to check out Federal Reserve's pricey renovations
President Donald Trump plans to step foot in the Federal Reserve as his allies scrutinise its expensive building renovations, a highly personal and confrontational escalation of his campaign to pressure the central bank to slash interest rates. Trump administration officials have used concerns about the building overhaul to cast doubt on Fed Chairman Jerome Powell's decision-making. They were scheduled to inspect the site on Thursday, and the White House announced late Wednesday that the president would also be visiting. The visit reflects Trump's disregard for the traditional independence of the Fed, which plays a foundational role in the American economy by setting monetary policy that is supposed to be free of political influence. While previous presidents have criticised the Fed's decisions, Trump's sustained campaign is an unusual and, his critics say, dangerous departure from the norm. He has called on Powell to resign, insulted him repeatedly and suggested he could be fired. More recently, Trump has said he has no plans to oust Powell, which could be illegal. Pushing Powell out also would send shockwaves through global markets, potentially having the opposite effect that Trump wants as he pushes for lower borrowing costs. Trump, a Republican, appointed Powell during his first term, and President Joe Biden, a Democrat, extended his tenure. Powell's term doesn't end until next May, and he's previously insisted that he will serve until then. Not everyone in Trump's administration agrees with the president's contention that Powell needs to resign. "There's nothing that tells me that he should step down right now," said Treasury Secretary Scott Bessent, whom Trump has floated as a potential replacement for Powell, in a recent interview with Fox Business. "He's been a good public servant." Trump has criticised Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3 per cent this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump's sweeping tariffs on imports, which Powell says could push up inflation. Powell's caution has infuriated Trump, who has demanded the Fed cut borrowing costs to spur the economy and reduce the interest rates the federal government pays on its debt. Trump will likely be disappointed again soon. A key Fed committee is expected to keep rates where they are when it meets next week. The Fed has been renovating its Washington headquarters and a neighbouring building. With some of the construction occurring underground and as building materials have soared in price after inflation spiked in 2021 and 2022, the estimated cost has ballooned from $US1.9 billion ($A2.9 billion) to about $US2.5 billion ($A3.8 billion). When asked last week if the costly rebuilding could be grounds to fire Powell, Trump said: "I think it sort of is". "When you spend $US2.5 billion ($A3.8 billion) on, really, a renovation. I think it's really disgraceful," Trump said. President Donald Trump plans to step foot in the Federal Reserve as his allies scrutinise its expensive building renovations, a highly personal and confrontational escalation of his campaign to pressure the central bank to slash interest rates. Trump administration officials have used concerns about the building overhaul to cast doubt on Fed Chairman Jerome Powell's decision-making. They were scheduled to inspect the site on Thursday, and the White House announced late Wednesday that the president would also be visiting. The visit reflects Trump's disregard for the traditional independence of the Fed, which plays a foundational role in the American economy by setting monetary policy that is supposed to be free of political influence. While previous presidents have criticised the Fed's decisions, Trump's sustained campaign is an unusual and, his critics say, dangerous departure from the norm. He has called on Powell to resign, insulted him repeatedly and suggested he could be fired. More recently, Trump has said he has no plans to oust Powell, which could be illegal. Pushing Powell out also would send shockwaves through global markets, potentially having the opposite effect that Trump wants as he pushes for lower borrowing costs. Trump, a Republican, appointed Powell during his first term, and President Joe Biden, a Democrat, extended his tenure. Powell's term doesn't end until next May, and he's previously insisted that he will serve until then. Not everyone in Trump's administration agrees with the president's contention that Powell needs to resign. "There's nothing that tells me that he should step down right now," said Treasury Secretary Scott Bessent, whom Trump has floated as a potential replacement for Powell, in a recent interview with Fox Business. "He's been a good public servant." Trump has criticised Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3 per cent this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump's sweeping tariffs on imports, which Powell says could push up inflation. Powell's caution has infuriated Trump, who has demanded the Fed cut borrowing costs to spur the economy and reduce the interest rates the federal government pays on its debt. Trump will likely be disappointed again soon. A key Fed committee is expected to keep rates where they are when it meets next week. The Fed has been renovating its Washington headquarters and a neighbouring building. With some of the construction occurring underground and as building materials have soared in price after inflation spiked in 2021 and 2022, the estimated cost has ballooned from $US1.9 billion ($A2.9 billion) to about $US2.5 billion ($A3.8 billion). When asked last week if the costly rebuilding could be grounds to fire Powell, Trump said: "I think it sort of is". "When you spend $US2.5 billion ($A3.8 billion) on, really, a renovation. I think it's really disgraceful," Trump said. President Donald Trump plans to step foot in the Federal Reserve as his allies scrutinise its expensive building renovations, a highly personal and confrontational escalation of his campaign to pressure the central bank to slash interest rates. Trump administration officials have used concerns about the building overhaul to cast doubt on Fed Chairman Jerome Powell's decision-making. They were scheduled to inspect the site on Thursday, and the White House announced late Wednesday that the president would also be visiting. The visit reflects Trump's disregard for the traditional independence of the Fed, which plays a foundational role in the American economy by setting monetary policy that is supposed to be free of political influence. While previous presidents have criticised the Fed's decisions, Trump's sustained campaign is an unusual and, his critics say, dangerous departure from the norm. He has called on Powell to resign, insulted him repeatedly and suggested he could be fired. More recently, Trump has said he has no plans to oust Powell, which could be illegal. Pushing Powell out also would send shockwaves through global markets, potentially having the opposite effect that Trump wants as he pushes for lower borrowing costs. Trump, a Republican, appointed Powell during his first term, and President Joe Biden, a Democrat, extended his tenure. Powell's term doesn't end until next May, and he's previously insisted that he will serve until then. Not everyone in Trump's administration agrees with the president's contention that Powell needs to resign. "There's nothing that tells me that he should step down right now," said Treasury Secretary Scott Bessent, whom Trump has floated as a potential replacement for Powell, in a recent interview with Fox Business. "He's been a good public servant." Trump has criticised Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3 per cent this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump's sweeping tariffs on imports, which Powell says could push up inflation. Powell's caution has infuriated Trump, who has demanded the Fed cut borrowing costs to spur the economy and reduce the interest rates the federal government pays on its debt. Trump will likely be disappointed again soon. A key Fed committee is expected to keep rates where they are when it meets next week. The Fed has been renovating its Washington headquarters and a neighbouring building. With some of the construction occurring underground and as building materials have soared in price after inflation spiked in 2021 and 2022, the estimated cost has ballooned from $US1.9 billion ($A2.9 billion) to about $US2.5 billion ($A3.8 billion). When asked last week if the costly rebuilding could be grounds to fire Powell, Trump said: "I think it sort of is". "When you spend $US2.5 billion ($A3.8 billion) on, really, a renovation. I think it's really disgraceful," Trump said. President Donald Trump plans to step foot in the Federal Reserve as his allies scrutinise its expensive building renovations, a highly personal and confrontational escalation of his campaign to pressure the central bank to slash interest rates. Trump administration officials have used concerns about the building overhaul to cast doubt on Fed Chairman Jerome Powell's decision-making. They were scheduled to inspect the site on Thursday, and the White House announced late Wednesday that the president would also be visiting. The visit reflects Trump's disregard for the traditional independence of the Fed, which plays a foundational role in the American economy by setting monetary policy that is supposed to be free of political influence. While previous presidents have criticised the Fed's decisions, Trump's sustained campaign is an unusual and, his critics say, dangerous departure from the norm. He has called on Powell to resign, insulted him repeatedly and suggested he could be fired. More recently, Trump has said he has no plans to oust Powell, which could be illegal. Pushing Powell out also would send shockwaves through global markets, potentially having the opposite effect that Trump wants as he pushes for lower borrowing costs. Trump, a Republican, appointed Powell during his first term, and President Joe Biden, a Democrat, extended his tenure. Powell's term doesn't end until next May, and he's previously insisted that he will serve until then. Not everyone in Trump's administration agrees with the president's contention that Powell needs to resign. "There's nothing that tells me that he should step down right now," said Treasury Secretary Scott Bessent, whom Trump has floated as a potential replacement for Powell, in a recent interview with Fox Business. "He's been a good public servant." Trump has criticised Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3 per cent this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump's sweeping tariffs on imports, which Powell says could push up inflation. Powell's caution has infuriated Trump, who has demanded the Fed cut borrowing costs to spur the economy and reduce the interest rates the federal government pays on its debt. Trump will likely be disappointed again soon. A key Fed committee is expected to keep rates where they are when it meets next week. The Fed has been renovating its Washington headquarters and a neighbouring building. With some of the construction occurring underground and as building materials have soared in price after inflation spiked in 2021 and 2022, the estimated cost has ballooned from $US1.9 billion ($A2.9 billion) to about $US2.5 billion ($A3.8 billion). When asked last week if the costly rebuilding could be grounds to fire Powell, Trump said: "I think it sort of is". "When you spend $US2.5 billion ($A3.8 billion) on, really, a renovation. I think it's really disgraceful," Trump said.
7NEWS
2 hours ago
- 7NEWS
South Park skewers Trump, Paramount hours after creators sign $2.3 billion deal
Paramount announced Wednesday afternoon that the creators of South Park had agreed to produce 50 new episodes over the next five years in a deal reportedly valued at $1.5 billion (A$2.3b). Ten hours later, South Park creators Matt Stone and Trey Parker excoriated Paramount — and aggressively skewered President Donald Trump — in the premiere episode of the Comedy Central show's 27th season. In the episode, Trump (voiced by Stone) sues the town of South Park for $5 billion after they push back on Jesus Christ's presence in their elementary school. The townspeople are prepared to fight back, but Jesus Christ (also voiced by Stone) urges them to settle. 'You guys saw what happened to CBS? Yeah, well, guess who owns CBS? Paramount,' Jesus Christ says at the episode's climax. 'Do you really want to end up like Colbert?' Paramount is under intense scrutiny for appearing to kowtow to the Trump administration ahead of a proposed blockbuster merger. Stone and Parker were clearly riffing on their corporate parent's eventful summer. On July 2, Paramount agreed to pay $16 million to settle a lawsuit from Trump, who alleged that CBS' 60 Minutes had deceptively edited an interview with former Vice President Kamala Harris. CBS denied that claim. On July 17, CBS announced that it planned to cancel The Late Show with Stephen Colbert in May, calling the move 'purely a financial decision.' But many of Colbert's fans cried foul, arguing that the comedian was being penalised for his years of anti-Trump humor. Both developments came as Paramount is preparing to be sold to Skydance Media, an entertainment production and finance company headed by David Ellison, the son of Oracle mogul (and Trump ally) Larry Ellison. The corporate tie-up requires federal approval. The premiere episode, titled Sermon on the 'Mount, took aim at other satirical targets, including the supposed death of 'wokeness,' the rise of ChatGPT and the debate over Christian teachings in public schools. Trump and Paramount were the focal points, however. In one scene, 60 Minutes reports on the social unrest roiling South Park amid Trump's lawsuit. The fictional hosts of the news show are visibly nervous as they introduce the segment, going out of their way to praise the president as 'a great man.' 'We know he's probably watching,' one of the hosts says. CBS is not the only network to reach a legal settlement with Trump. ABC agreed to pay $15 million as part of a settlement with Trump a month before he took office, effectively ending a case concerning alleged defamation. Paramount's settlement with Trump has drawn more attention, though. Colbert, three days before CBS announced the end of his show, blasted the arrangement as a 'big fat bribe.' Jon Stewart, the host of Comedy Central's The Daily Show, also assailed the deal. Paramount owns CBS, a venerable Hollywood movie studio, a suite of cable brands (including Comedy Central) and the Paramount+ streaming platform. South Park is widely known for jabbing politicians and social trends across the ideological spectrum. But the latest episode's depiction of Trump arguably went further than usual. Stone and Parker depict Trump as a petulant child, recycling the animation style they used for Saddam Hussein in the 1999 film South Park: Bigger, Longer & Uncut. They also make profane references to the president's anatomy. Sermon on the 'Mount closes with an apparently AI-generated video of Trump wandering in a desert and removing his clothes. Paramount spokespeople did not immediately respond to a request for comment on the episode.
Perth Now
3 hours ago
- Perth Now
Trump to check out Federal Reserve's pricey renovations
President Donald Trump plans to step foot in the Federal Reserve as his allies scrutinise its expensive building renovations, a highly personal and confrontational escalation of his campaign to pressure the central bank to slash interest rates. Trump administration officials have used concerns about the building overhaul to cast doubt on Fed Chairman Jerome Powell's decision-making. They were scheduled to inspect the site on Thursday, and the White House announced late Wednesday that the president would also be visiting. The visit reflects Trump's disregard for the traditional independence of the Fed, which plays a foundational role in the American economy by setting monetary policy that is supposed to be free of political influence. While previous presidents have criticised the Fed's decisions, Trump's sustained campaign is an unusual and, his critics say, dangerous departure from the norm. He has called on Powell to resign, insulted him repeatedly and suggested he could be fired. More recently, Trump has said he has no plans to oust Powell, which could be illegal. Pushing Powell out also would send shockwaves through global markets, potentially having the opposite effect that Trump wants as he pushes for lower borrowing costs. Trump, a Republican, appointed Powell during his first term, and President Joe Biden, a Democrat, extended his tenure. Powell's term doesn't end until next May, and he's previously insisted that he will serve until then. Not everyone in Trump's administration agrees with the president's contention that Powell needs to resign. "There's nothing that tells me that he should step down right now," said Treasury Secretary Scott Bessent, whom Trump has floated as a potential replacement for Powell, in a recent interview with Fox Business. "He's been a good public servant." Trump has criticised Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3 per cent this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump's sweeping tariffs on imports, which Powell says could push up inflation. Powell's caution has infuriated Trump, who has demanded the Fed cut borrowing costs to spur the economy and reduce the interest rates the federal government pays on its debt. Trump will likely be disappointed again soon. A key Fed committee is expected to keep rates where they are when it meets next week. The Fed has been renovating its Washington headquarters and a neighbouring building. With some of the construction occurring underground and as building materials have soared in price after inflation spiked in 2021 and 2022, the estimated cost has ballooned from $US1.9 billion ($A2.9 billion) to about $US2.5 billion ($A3.8 billion). When asked last week if the costly rebuilding could be grounds to fire Powell, Trump said: "I think it sort of is". "When you spend $US2.5 billion ($A3.8 billion) on, really, a renovation. I think it's really disgraceful," Trump said.
