CBS cancels Late Show with Stephen Colbert over financial issues

In May 2023, CBS concluded the long-running Late Show with Stephen Colbert, which had been on air for decades, with the last episode airing on May 17. The cancellation was attributed to financial difficulties and low ratings, as CBS faced a challenging environment in late-night television. Stephen Colbert's final show attracted an audience of 6.74 million viewers and featured Paul McCartney as the final guest, who performed the Beatles' song 'Hello, Goodbye.'

The decision to cancel the show came shortly after Colbert publicly criticized CBS for settling a lawsuit with former President Donald Trump regarding a 60 Minutes interview with Kamala Harris. Colbert described the $16 million settlement as a 'big fat bribe' and expressed his offense as a proud employee of the network. CBS maintained that the cancellation was purely a financial decision and not related to the show's performance or content.

In an effort to still gain recognition, CBS launched a 'For Your Consideration' campaign for the Emmy Awards, despite the show's cancellation. The campaign included a video featuring clips of Colbert alongside other notable late-night hosts, aiming to secure nominations in the newly merged Outstanding Variety Series category. Other nominees included Jimmy Kimmel Live!, The Daily Show, Last Week Tonight with John Oliver, and Saturday Night Live.

Jimmy Kimmel publicly supported Colbert's Emmy campaign by erecting a billboard in West Hollywood that read 'I’m Voting For Stephen.' This gesture highlighted the camaraderie among late-night hosts, even amidst the competitive landscape of television. The situation reflects the complexities of the entertainment industry, where financial decisions can lead to significant changes in programming and the careers of prominent figures like Stephen Colbert.