Jon Stewart, Stephen Colbert blame Trump for cancelation of The Late Show

"Stephen has been cancelled for financial reasons, purely financial reasons," Stewart announced from his anchor desk, mugging to the camera. "And by the way, not just Stephen's show, CBS has canceled the entirety of The Late Show franchise. Gone! Now I acknowledge, losing money, late night TV is a struggling financial model. We're all basically operating a Blockbuster kiosk inside of a Tower Records. But when your industry is faced with changes, you don't just call it a day—my God!

"When CDs stopped selling, they didn't just go 'oh well, music, it's been a good run.' The fact that CBS didn't try to save their number one rated network late night franchise, that's been on the air over three decades, is part of what's making everybody wonder 'what's this? Purely finanical? Or maybe the path of least resistance for your $8 billion merger.' What's killing the show that you know rankled a fragile and vengeful president?"

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Colbert had his own, very similar take about the reason he's losing his position with CBS and his show. "I gotta say, it makes sense we'd be canceled, I get it guys, and thanks again, thanks to the network," he said before pulling up a Truth Social post from the president that read "I absolutely love that Colbert got fired. His talent was even less than his ratings. I hear Jimmy Kimmel is next. Has even less talent than Colbert! Greg Gutfeld is better than all of them combined, including the Moron on NBC who ruined the once great Tonight Show."

The audience booed. "How dare you, sir," Colbert said, addressing the president directly. "Would an untalented man be able to compose the following satirical witicism? Go f*ck yourself."

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On The Daily Show, Stewart led a gospel choir in a rendition of "Go f*ck yourself," a song that included just that, repeated, while Stewart danced around and the audience went wild.

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Monday night's The Late Show audience was packed with celebs showing up to show support for Colbert and the show. The star-studded audience at the Ed Sullivan Theater, where the show is filmed in New York, included Jimmy Fallon, Seth Meyers, John Oliver, Jon Stewart, Adam Sandler, Andy Cohen, Anderson Cooper and others. “Weird Al” Yankovic and Hamilton creator Lin-Manuel Miranda joined Colbert on stage.

The Late Show was recently nominated for multiple Emmy's. CBS' parent company Paramount recently settled with Trump for $16 million after he sued them for election interference. At issue was their edit of a 60 Minutes interview with former Vice President Kamala Harris in which it was alleged that the news magazine selectively edited her answer on the Israeli Palestinian conflict in the Middle East to make her look better.