Colbert confirmed the cancellation during a show taping on Thursday. CBS said the move was "purely a financial decision against a challenging backdrop in late night."

Jimmy Kimmel has come to the defence of his fellow late-night host, Stephen Colbert, following the announcement that CBS has decided to cancel The Late Show. The network confirmed on Thursday (17 July) that the long-running franchise would come to an end, describing the host as “irreplaceable” and citing a “financial decision”.

The cancellation comes shortly after Paramount, on July 1, agreed to pay President Donald Trump a $16 million settlement over a lawsuit the president filed against it. The lawsuit accused CBS's "60 Minutes" of "deceptive editing" of his interview with presidential rival Kamala Harris.