Stephen Colbert finally addressed the cancellation of The Late Show during Monday night’s monologue, taking aim at CBS, Paramount Global, and even President Donald Trump in a mix of sarcasm and self-pity.
Colbert accused CBS executives of leaking internal financials to the press in an effort to justify the show’s cancellation, which he framed as retaliation rather than reality.
“They left me alive,” Colbert said ominously, claiming CBS made a “key mistake.”
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$40 Million in Losses
Over the weekend, multiple reports confirmed that The Late Show was losing between $40 and $50 million per year. CBS attributed the decision to cancel the show—effective May 2026—to financial losses, despite Colbert’s insistence that he still led in ratings.
“But how can it purely be a financial decision if The Late Show is No. 1 in ratings?” Colbert asked, ignoring that ratings don’t always equal profitability in the modern streaming and ad-driven media landscape.
He sarcastically acknowledged some losses:
“I could see $24 million, but where did
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