David Letterman unleashes fury at CBS for canceling his successor Stephen Colbert
The 78-year-old late-night legend created The Late Show in 1993 after NBC denied him the chance to succeed Johnny Carson on The Tonight Show.
Colbert took over for Letterman in 2015 and took the show in a decidedly more political direction but despite leading in the ratings, a shrinking late-night landscape led CBS to claim losses in the tens of millions of dollars.
In his first comment on the show's cancellation, Letterman noted that his show was more about political satire than his version of The Late Show but was still complimentary, calling the decision by CBS 'pure cowardice.'
'I think one day, if not today, the people at CBS who have manipulated and handled this, they're going to be embarrassed, because this is gutless,' he told former Late Show producers Barbara Gaines and Mary Barclay.
Letterman then said that he believed CBS was acting on behalf of Skydance CEO and incoming Paramount CEO David Ellison to make their lives easier after they acquire Paramount, taking away a constant critic of Trump.
'Hey boys, here's what we're gonna do: not only are we gonna get rid of that guy, we're gonna get rid of the entire franchise so you don't have to worry about another guy. It's gone,' Letterman said.
The long-time talk show host noted CBS's $16million settlement with the Trump administration over a deceptively edited interview with election rival Kamala Harris, which Colbert had previously mocked as a 'big fat bribe.'
He also referred to Ellison as a 'bottom feeder,' saying he should've bought a Dairy Queen instead of a television network.
'Stay out of this business.'
He also tore into the accusations that the show lost so much money, with both Gaines and Barclay saying that they had cut budgets to help the network several times when they were at CBS.
'You're telling me losing this kind of money happened yesterday? I bet they were losing this kind of money a month ago, six weeks ago, or they have never been losing money,' he said.
Letterman noted that despite the show losing tons of money, they're going to let him stay on the air for the next ten months continuing to lose it.
'That's another huge chunk of money they're gonna lose according to them. I don't think it was money, I think it was all to make sure the Ellisons were solid spending Dad's money,' he said, noting Ellison's father, Oracle co-founder Larry Ellison.
He said of the treatment of Colbert: 'They did not handle Stephen Colbert, the face of that network, in the way he deserves to have been handled.'
Letterman echoed Colbert's own joking words from earlier this week when the former Comedy Central comic called himself 'a martyr.'
'For Stephen, I love this: he's a martyr, good for him. If you listen carefully, you can hear them unfolding chairs at the Hall of Fame for his induction,' he joked.
Ultimately, he said he envies the position Colbert is now in with his liberal viewers.
'I only wish this could've happened to me. This would've been so great for me. Now we've all gotta kiss Stephen Colbert's ring now,' he quipped.
The comedian's decade-long run as the host of CBS's late night flagship will end next May, with network insiders suggesting the top-rated show was canceled because it was losing anywhere from $40 to $100million per year.
Trump posted a celebration on Truth Social when the news was announced, saying 'I absolutely love that Colbert' got fired. His talent was even less than his ratings.'
Colbert, who briefly addressed the move the day of its announcement, devoted much of his Monday show to the controversy, eventually uniting with almost every other liberal late-night talk show host in a show of support, as well as Adam Sandler and even Lin-Manuel Miranda.
The 61-year-old comic opened after a standing ovation and a lengthy applause from the New York City crowd by saying ' cancel culture has gone too far' and then joked now that the show is ending, he can say whatever he feels.
Colbert said sarcastically of Paramount: 'They made one mistake, they left me alive! For the next ten months, the gloves are off!'
The Late Show host then referenced Trump's comments, turning to an 'Eloquence Cam' and said: 'How dare you, sir? Would an untalented man be able to compose the following satirical witticism? Go f*** yourself.'
He then referenced Trump stating in the same Truth Social post: 'I hear Jimmy Kimmel is next.'
Colbert replied: 'Nope, no, no. Absolutely not. Kimmel, I am the martyr. There's only room for one on this cross. And the view is fantastic from up here. I can see your house!'
He also said that cancellation meant he could finally admit what he felt about the president.
In contrast to his often over-the-top anti-Trump monologues, he dryly, quietly said: 'I don't care for him. Doesn't seem to have the skill set to be president. Just not a good fit, that's all.'
He addressed his bosses at CBS - who he said 'have always been great partners' - before talking about Paramount's decision to cancel the show which he took over from David Letterman in 2015.
'How could it be a purely financial decision if The Late Show's is number one in ratings? A lot of folks are asking that question, mainly my staff's parents and spouses.'
'I could see us losing $24 million but where would Paramount have possibly spent the other $16 million, oh...' he quipped, naming the amount the company settled with Trump for over his 60 Minutes lawsuit.
He went back to bashing Trump and the recent news accusing him of writing a 'bawdy' letter to Jeffrey Epstein for his 50th birthday.
'I'll have more to say about all this after the commercial break. The only other story is a small one... the president is buddies with a pedophile.'
Puck journalist Matthew Belloni revealed Colbert's 'lack of profitability ' Friday, hours after CNN first broke the news that the show was canceled because it was in the red.
Belloni outlined how The Late Show - whose cancellation was announced last Thursday - costs $100m a year to produce, with Colbert, 61, getting paid between $15 million and $20 million a year to host.
Colbert beats ABC and NBC rivals Jimmy Kimmel and Jimmy Fallon in the ratings, but that still wasn't enough to save him.
Late night shows have slumped in profitability in recent years as viewers shun the format in favor of streaming services or watching content on their phones.
Advertiser revenue has slumped sharply even in the last three years, Puck reported, making it harder to pull Colbert's show out of the red.
Colbert was reported to be 'not angry, actually' about his cancellation and was chatting with his staff in a 'matter-of-fact' way before Thursday's show, Puck reported.
Colbert, who will broadcast his final show in May 2026, was first informed his show was on the chopping block around July 4, it is claimed. Paramount Co-CEO George Cheeks made the decision, Puck reported.
He then went on vacation, giving bosses at CBS time to plot behind his back, CNN reported.
He moved to share it as quickly as possible so that his staff would not learn of their impending unemployment via leaks to the press.
All three major late night hosts - Colbert, Kimmel and Fallon - have become notorious for their regular rants about President Trump, which many viewers have complained are boring and off-putting.
But Belloni said he didn't believe the famously anti-MAGA Colbert was axed to appease Donald Trump, who recently won a $15 million payout from CBS after suing them over a 60 Minutes interview with Harris he said was deceptively edited.
The axing of Colbert has delighted Trump, who posted about it on his TruthSocial network earlier today.
Colbert's ouster could also make it easier for CBS parent company Paramount's efforts to merge with media company Skydance in a deal that must be approved by Trump's Federal Communications Commission.
The Late Show launched in 1993 under David Letterman to compete with longtime late night juggernaut The Tonight Show.
Colbert took over from Letterman in 2015 after his retirement.
More than three decades later, CBS's entry into the late night sphere sits at the top, with second-best Jimmy Kimmel Live! raking in an average of 1.772 million viewers.
Colbert, by comparison, collects an average of 2.417 million.
Colbert - who once played a conservative character on Comedy Central's satirical late night program The Colbert Report - often aired jokes at the conservative's expense.
Trump celebrated the news of the show's cancellation as a result.
'I absolutely love that Colbert got fired. His talent was even less than his ratings,' he wrote in a Friday Truth Social post.
'I hear Jimmy Kimmel is next. Has even less talent than Colbert,' he added, before talking up right-wing Fox News star Greg Gutfeld.
'[He's] better than all of them combined, including the Moron on NBC who ruined the once great Tonight Show,' Trump added, referring to Jimmy Fallon.
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