Colbert

The roar erupting from the capacity audience inside the Ed Sullivan Theater when Stephen Colbert stepped on the stage of his “Late Show” for the last time made it clear that they did not want him to say goodbye.

Colbert took his final bow as his beloved late-night show came to an end Thursday. The episode was so crammed with top celebrities who showed up to share a last moment with the comedian that it extended several minutes beyond its usual one-hour run time.

Before the official start, Colbert addressed the audience as he thanked the staff, calling the show “The Joy Machine”: “We call it the Joy Machine because to do this many shows, it has to be a machine. But the thing is, if you choose to do it with joy, it doesn’t hurt as much when your fingers get caught in the gears, and I cannot adequately explain to you what the people who work here have done for each other, and how much we mean to each other.”

In his opening monologue, Colbert downplayed the event‘s status, rolling a series of jokes about news stories in New York and New Jersey. But he was repeatedly interrupted by audience members Bryan Cranston, Paul Rudd and Tim Meadows who all became irritated when Colbert informed each of them that they would not be his last guest.

When the show’s supposed scheduled last guest, Pope Leo XIV, refused to leave his dressing room, Paul McCartney popped on stage to a rapturous ovation. The legendary musician presented Colbert with a framed photo of The Beatles when they appeared on Sullivan’s show in 1964.

The only subtle reference to President Trump came when McCartney relayed a story how the Beatles, before their Sullivan appearance, got their faces covered with bright orange makeup. “That’s pretty popular in certain circles these days,” Colbert quipped.

The episode marked the finale of Colbert’s 11-year run on CBS’ late-night show, which he has been counting down since July of last year, when CBS said it was canceling the show because of financial difficulties. “The Late Show” franchise, which Colbert inherited in 2015 from David Letterman, was the top-ranked late-night show, but it faced challenges due to dramatic declines in viewership and a drop in advertising revenue.

However, industry observers also contended the move was tied to Colbert’s relentless criticism of Trump. The decision was announced after Paramount, the parent company of CBS, had settled a lawsuit filed by Trump over a “60 Minutes” interview with then-Vice President Kamala Harris. The company agreed to pay $16 million to settle the suit, which came as Paramount was attempting to get regulatory approval for its merger with Skydance Media, which Colbert called “a big fat bribe.” Trump made no secret of his disdain for Colbert and other late-night hosts who have skewered him and his administration over the years.

Colbert, his guests and others continued to blast Trump in this final week. In his introduction Wednesday of his performance of “Streets of Minneapolis,” Bruce Springsteen said: “I’m here in support tonight for Stephen, because you’re the first guy in America who has lost his show because we got a president who can’t take a joke.”

And Jimmy Kimmel on his ABC late-night series said Wednesday, “I will be watching tomorrow night. I hope that those of you who watch will also tune in to CBS for the last time. Don’t ever watch it again.”

In a tribute to Colbert, Kimmel, another target of Trump, and NBC‘s “Tonight Show” host Jimmy Fallon said their respective shows would not air new episodes during Colbert’s finale.

But the overall vibe on “The Late Show” this week has centered on celebration and spotlighting the show’s comedic formula. Several celebrities who have a special connection with the show made appearances, including Jon Stewart from “The Daily Show” and filmmaker Steven Spielberg.

In one of the more arguably iconic sequences, David Byrne and his band — all attired in bright blue uniforms — appeared Tuesday to perform the Talking Heads anthem “Burning Down the House.” Colbert joined in at the end, dancing in his matching blue outfit.

The “Late Show” time slot will be occupied starting Friday by Byron Allen and his “Comics Unleashed” syndicated show. CBS executives have said they hope to develop a new original late-night series in the future.

At Jimmy Kimmel’s annual monologue to advertisers at Disney’s recent upfront presentation, the ABC late-night host offered sympathy to his ousted CBS cohort Stephen Colbert.

“First, it’s bad enough to lose your job,” Kimmel said. “Imagine getting replaced by the owner of the Weather Channel.”

Byron Allen, the media mogul whose holdings do include the Weather Channel, laughed when the gag was repeated to him during a recent phone conversation. “I like Jimmy Kimmel a lot,” he said.

Allen, never lacking in self-confidence, can afford to roll with the jokes. Episodes of his 20-year-old syndicated program “Comics Unleashed,” a half-hour show featuring mostly lesser-known stand-ups sharing routines and stories, are replacing “The Late Show with Stephen Colbert” on CBS in the 11:35 p.m. time period starting Friday.

While it’s a triumph for Allen, 65, it’s also a sign of how the traditional late-night talk show — one of television’s most culturally influential formats — may no longer be sustainable in the era of streaming TV.

CBS said last year it canceled Colbert because it lost $40 million a year as the late-night viewing habit among audiences has eroded in the streaming era. Many in the TV industry are skeptical of the claim, believing Skydance Media wanted to silence the relentless Trump-bashing host in order to clear the government regulatory path for its acquisition of network parent Paramount. (The FCC’s approval of the deal came days after the cancellation was announced.)

Cedric the Entertainer, left, with Byron Allen on the set of “Comics Unleashed.”

(Allen Media Group)

But no one who has worked in late-night television in recent years can dispute how financial challenges are clouding the format’s future. Polished after-hours programs with a live audience, large teams of writers and producers and high-priced hosts are fighting off obsolescence as traditional TV audiences get smaller and ad revenues shrink. While CBS is the first to act, other networks have thought about getting out of the business altogether.

Since 2022, “The Late Show” lost 20% of its audience in the advertiser-coveted 18-to-49 age group, according to Nielsen data. Ad spending on all late-night television shows hit $209 million in 2025, down from $519.7 million in 2017, according to data from Guideline.

“Nothing is forever, especially in television,” said former network executive Ted Harbert, who oversaw the launches of “The Tonight Show Starring Jimmy Fallon,” and “Late Night with Seth Meyers” at NBC. “Digital tech is killing late night.”

The hosts of the programs and their funniest bits are arguably seen by more people than ever before thanks to clips replayed on social media platforms. But the revenue generated by digital viewing doesn’t approach what the networks get for audiences watching live on TV.

Over the last 10 years, late-night shows flocked to YouTube as a way to be a part of the national conversation and bring attention to the shows. Harbert believes the notion that the clips alone — which may feature a funny bit or a snapshot of a conversation with a guest — would help lure viewers to traditional TV was folly.

“The shows cannibalized themselves by making their show available in snack-size clips after the network airing,” he said. “And viewers obviously would rather watch a couple of five-minute clips than a whole show.”

Late-night shows were once among the most profitable programs on TV because of their ability to reach viewers in the 18-to-34 age group that attract premium prices for commercial time. But the same demographic was the first to gravitate to streaming platforms and abandon traditional TV which thrives on appointment viewing.

Daniel Kellison, a former producer for “Jimmy Kimmel Live” and “The Late Show with David Letterman,” noted that Kimmel — who has also been targeted by the Trump administration for his harsh barbs — has seen his TV ratings increase this year.

But the overall trend for the time period is still down. While Kellison believes Colbert’s cancellation is an effort by CBS to appease Trump, he agrees that the genre needs to evolve and adapt to the changing media landscape.

“There’s always going to be an audience for conversation around politics and life and these sort of shows will exist in different formats and I think it’s incumbent upon people to figure out how to present them,” he said.

CBS executives have said they want to develop a new network show in the late-night time period. But for the next year it will lease the slot to Allen. His company Allen Media Group pays CBS for the time, covers the cost of production and sells the advertising. He is also the host. The deal will erase whatever losses the network experienced in that TV block.

“Comics Unleashed” has been running in the 12:35 a.m. hour since CBS canceled “After Midnight” last year. When that show moves to the earlier time slot, it will be replaced by another Allen program, “Funny You Should Ask,” a comic quiz show hosted by John Kelley.

Allen said he has great respect for the late-night TV tradition. His mother was a tour guide at NBC in Burbank and he was able to hang out on the studio lot to watch Johnny Carson tape “Tonight.” Allen would get advice from Carson, whom he calls his hero and mentor, and eventually got a shot at doing stand-up on “Tonight” when he was 18 years old.

Allen even asked CBS to move the start date of “Comics Unleashed” to May 22 because it is the anniversary of Carson’s final show in 1992. But his sentimentality ends when it comes to the economics of programming in that time slot.

“We will be in profit,” Allen said of “Comics Unleashed,” which according to Nielsen has seen its audience grow in the 12:35 a.m. time slot by 26% since October.

Kimmel has accused CBS of dumping Colbert for “Comics Unleashed” because Allen’s show doesn’t partake in political humor that could alienate the White House as Skydance moves to close its next acquisition: Warner Bros. Discovery.

“I feel like CBS is turning 11:35 p.m. into a ‘least’ time slot,” Kimmel said at the Disney presentation. “Least as in least likely to offend the president with the rerun of ‘Comics Unleashed’ from 2007 featuring Paula Poundstone and Andy Dick.”

Poundstone and Dick are not among the 1,000 comedians who have appeared on “Comics Unleashed” over the years, many of whom went on to become stars. But not having the program dabble in political humor is a business decision.

The guests stick to storytelling and slice-of-life material that doesn’t date, which is why the episodes can attract an audience years after being taped. They don’t plug books, movies, concerts or any other elements that would be dated by future airings.

“Twenty years ago when we shot our first episode I said ‘we’re making it ‘I Love Lucy,’” Allen said. “I want these shows to be funny today and 20 years from today.”

Allen said his company will produce 130 new episodes of “Comics Unleashed” for the 2026-27 TV season.

But the reason the current set of late-night hosts leaned into politics so heavily in recent years is because it works.

When Colbert took over “The Late Show” from Letterman in 2015, the program’s ratings sputtered as the audience did not really know Colbert outside of the satirical figure he played on Comedy Central with his show “The Colbert Report.”

The night Trump scored his surprising win in the 2016 presidential race against Hillary Clinton, Kelly Kahl, then an executive vice president of CBS Entertainment, sent a text to Chris Licht, then executive producer of “The Late Show,” telling him it was “the best thing to happen to the show.”

Colbert found his voice on the program, which rose to No. 1 in the ratings and has been there ever since.

CBS hasn’t given up on producing an original late-night show — despite easing Stephen Colbert out the door.

“The Late Show With Stephen Colbert” ends next month after CBS canceled the popular program, citing financial pressures. The network’s top two executives told reporters during a press briefing in Hollywood on Wednesday that the network still wants to be a player in the 11:35 p.m. hour.

CBS struck a one-year deal with media mogul Byron Allen to bring his “Comics Unleashed” syndicated show to the prominent time slot once occupied by David Letterman until Colbert took the mantle a decade ago. President Trump, in social media posts, has taken credit for getting Colbert, whom he dislikes, tossed off the air.

Colbert’s final broadcast will be May 21.

Beyond the stop-gap arrangement with Allen, network executives acknowledged they don’t have a long-term plan for the late-night hours — but development executives are working on it.

“We are still going to develop other ideas, other concepts,” said George Cheeks, whose role as chair of TV Media at Paramount includes running CBS. He added that Allen’s programs, including “Funny You Should Ask” at 12:35 a.m., will allow the company to immediately turn a small profit — an increasingly critical mandate as CBS prepares to absorb the high cost of keeping NFL football on its schedule.

“If we are going to go back into that space, we have to go back into that space with a different financial model,” Cheeks said, in contrast to a show set in a theater with a band, live audience and large group of writers and support staff to stage a nightly show with numerous guests.

“I grew up in late night — I believe in late night,” Cheeks said. “The reality is that the reach is still there, but the reach is primarily on YouTube.”

It’s become increasingly difficult for CBS or other major networks to make money on a topical show when the majority of the audience, particularly younger viewers, watch snippets on YouTube.

CBS Entertainment President Amy Reisenbach acknowledged the network wasn’t actively developing a replacement late-night show; instead the effort was in the brainstorming stage. “They’re just conversations at this point,” she said.

CBS can make money on “Comics Unleashed” because Allen pays CBS for the hours and covers production costs. In return, Allen’s company receives most of the commercial spots in the programs, which his company can sell to advertisers to defray its costs.

Cheeks dismissed concerns that Allen’s programs, which have been in syndication for years, would not be viewed as “CBS-level quality.” He called Allen “a great partner.”

“Comics Unleashed” has run at 12:35 a.m., but CBS is moving it one hour earlier on the schedule, where it will have more exposure and benefit from running immediately after TV stations’ local late news. “Funny You Should Ask” will air in the 12:35 a.m. time slot.

“I actually think the shows are strong. … They have a point of view,” Cheeks said of Allen’s programs. “It’s a change in format … a change from what people are used to.”

It’s been a rough year for CBS.

The last 12 months have included a nasty spat with Trump over a “60 Minutes” segment with Kamala Harris, which Paramount ended by paying the president $16 million. Then came the tempest over Colbert’s cancellation just days after he called the Trump settlement “a big fat bribe.”

The network got new owners — David Ellison and Skydance Media — in August and Ellison promptly installed a new boss at CBS News, Bari Weiss, who has made talent moves to shake up the division.

Six weeks ago, Paramount prevailed in the bidding war for Warner Bros. Discovery — a deal that will bring more turmoil to Paramount, CBS and Hollywood production.

Because of last year’s Paramount change in ownership, the NFL has the ability to reopen the network’s TV license deal, which is expected to increase the cost of retaining the NFL by as much as $1 billion a year, potentially cutting into CBS’ programming budget.

“Capital allocation is always a major consideration,” Cheeks said. “But I would harken back to something that David Ellison said recently, which was content investment was mission critical to the future of this company.”

CBS unveiled its new fall schedule Wednesday, announcing that fan-favorite LL Cool J was returning to star in a new show, “NCIS: New York,” with Scott Caan, and the introduction of a new legal drama, “Cupertino,” from hit-making executive producers Robert and Michelle King. CBS will serve up two other new shows, including a comedic drama, “Einstein,” and a half-hour vampire family comedy, “Eternally Yours.”

Cheeks also acknowledged that, for the first time in 18 years, CBS would not end the television season in first place in viewers. This year, that honor goes to NBC, which broadcast a blockbuster February with the Super Bowl and the Winter Olympics.