The CBS television chief has finally spoken publicly about the decision to cancel The Late Show with Stephen Colbert, reiterating the company’s stance that the move is driven solely by economic factors.
George Cheeks, Paramount’s Chair of TV Media, addressed the cancellation during a press conference following the completion of the long-anticipated merger that placed CBS under new ownership. Cheeks, one of the few executives retained after the Skydance Media merger, oversaw CBS when the decision was made to end the show.
“We are huge fans of Colbert, we love the show. Unfortunately, the economics made it a challenge for us to keep going,” Cheeks told reporters in his first public comments on the matter since it was announced that the program will conclude in May 2026, with the “Late Night” brand being retired.
CBS announced the cancellation last month, describing it as “purely a financial decision against a challenging backdrop in late night.”
Cheeks elaborated, “The challenge in late night is that the advertising marketplace is in significant secular decline.”
The Late Show, which Colbert took over from David Letterman in 2015, was known for its strong focus on liberal politics during the Trump administration and became a key platform for Democratic figures.
Colbert was notably vocal in criticizing Paramount’s settlement of President Donald Trump’s lawsuit regarding the network’s handling of the 60 Minutes interview with then-Vice President Kamala Harris ahead of the election. The lawsuit was settled last month, shortly before the FCC approved the $8 billion merger with Skydance.
Many have speculated that the cancellation was influenced by political pressure to appease Trump and the FCC. However, CBS and executives involved have consistently pointed to financial reasons as the primary factor.
The network clarified at the time of the announcement, “It is not related in any way to the show’s performance, content or other matters happening at Paramount.”
According to Puck News’ Matt Belloni, the show “has been losing more than $40 million a year” for CBS, with a budget exceeding $100 million per season.
When speaking publicly, Cheeks did not confirm exact figures but acknowledged the show was losing a substantial amount of money.
“At the end of the day, it just wasn’t sustainable to continue,” he said.
