BREAKING: CBS cancels Late Show with Stephen Colbert, show will end next year

The announcement came during Thursday evening’s taping, where Colbert informed his studio audience that next season would be the show's last.

“Next year will be our last season,” Colbert said according to CNN as audience members reacted with audible disappointment. “The network will be ending our show in May,” he added. “It’s the end of The Late Show on CBS… This is all just going away.”

Colbert told the audience he had learned of the decision the night before. “I do want to say that the folks at CBS have been great partners,” he said. “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 in here, out there, all around the world.”

CBS confirmed the cancellation in a statement, attributing the move to financial factors. “This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount,” the network said.

The decision to end The Late Show—one of the highest-rated programs in late-night—comes shortly after a high-profile lawsuit settlement involving CBS News and President Donald Trump. The network’s parent company, Paramount, recently settled the lawsuit and is in the process of merging with Skydance Media.

“I wish somebody else was getting it” following his tenure, Colbert said.

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