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."

The state of late-night TV is keeping media executives from sleeping well. CBS’ decision to cut ties with Stephen Colbert and its decades-old “Late Show” franchise come next May will leave a major hole in the format — but one that has been widening.

The end of the 'Late Show' franchise is a major blow for a once-beloved TV format, which has lost relevance and advertising dollars.

It's difficult not to see how an ownership change impacted 'The Late Show' franchise, but the move also reveals stubborn truths about the cost of the programming vs. cheaper and infinite YouTube rivals.

Stephen Colbert slammed Paramount's $16 million settlement with Donald Trump just three days before 'The Late Show' was canceled. The network attributed its decision to financial restraints, unrelated

The late night host looks ahead to the next 10 months, assuring his crew and studio audience, "It's going to be fun."

Colbert notably clowned Paramount and described the settlement as a “big fat bribe” on Monday’s show, jokes that sparked speculation that the program’s cancellation was politically motivated and led the show’s union to call for an investigation into CBS’ decision.

Stephen Colbert's friends and colleagues are in shock at The Late Show's surprise cancellation.

CBS has claimed that the cancellation of Trump-bashing show was a ‘financial decision’ despite timing of merger