CBS Cancels 'The Late Show with Stephen Colbert'

"The Late Show with Stephen Colbert" will be no more ... after a stunning announcement from CBS announcing the show will end May 2026.

In a statement released Thursday, the company called the move a "purely financial decision against a challenging backdrop in late night." CBS says it will retire "The Late Show" franchise altogether, and has no plans on finding a new host.

The statement adds, "We consider Stephen Colbert irreplaceable ... We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television."

The company says the decision is, "not related in any way to the show's performance, content or other matters happening at Paramount."

Colbert also delivered the news personally at the top of his show Thursday, looking solemnly into the camera and saying, "Before we start the show, I want to let you know something I found out just last night. Next year will be our last season. The network will be ending "The Late Show" in May."

When the stunned audience reacted with boos, Colbert added, "I share your feelings."

Colbert then added, "And I do want to say that the folks at CBS have been great partners. I'm so grateful to the Tiffany Network for giving me this chair and this beautiful theater to call home. And of course I'm grateful to you, the audience, who have joined us every night."

Colbert became a household name with his news satire show "The Colbert Report" which aired on Comedy Central from 2005 to 2014.

It was only a few weeks after David Letterman announced his retirement from "The Late Show" in 2014 that the world found out Colbert would take over the show. Colbert officially took the reigns when "The Late Show with Stephen Colbert" aired in late 2015.

Of course, it's too early to speculate what Colbert will do next, but "The Late Show" saw massive success over its history ... with many years as the highest-rated American late-night talk show.