An event, meant to champion Stephen Colbert’s decade-long run, left him embarrassed and raised questions about his influence and the broader decline of late-night television. What went wrong for Colbert and his supporters?

Summary

• A protest against the cancellation of Stephen Colbert’s The Late Show was held, leading to embarrassment. 
• CBS cited financial losses and low viewership as reasons for ending the show in May 2026.
• Critics allege political motives tied to Paramount’s merger and a Trump lawsuit settlement.
• Colbert’s sharp anti-Trump rhetoric may have alienated viewers, contributing to the show’s decline.
• The flop underscores the fading relevance of traditional late-night TV formats.

The Protest That Wasn’t

On Sunday, a small group of fewer than two dozen gathered outside the CBS Broadcast Center in New York City, waving banners and chanting “We’re with Colbert.” The lackluster turnout for the so-called “We’re with Colbert” protest, intended to defend the comedian’s show after CBS announced its cancellation, spoke volumes. One protester told the New York Post, “This is a First Amendment attack. We can’t stand for that.” Yet, the sparse crowd suggested that Colbert’s fan base lacks the fervor to match his vocal liberal activism.

Financial Woes or Political Payback?

CBS has been clear: The Late Show was hemorrhaging money, reportedly losing $40 million annually despite its top-rated status. “The move to axe Colbert was due to low viewership and a decline in profits,” a network spokesperson stated, pointing to a broader slump in late-night TV as viewers flock to streaming platforms. Advertising revenue for the show dropped 40% since 2018, from $121.1 million to $70.2 million last year, according to ad firm Guideline.

However, the timing of the cancellation—days after Colbert called Paramount’s $16 million settlement with President Donald Trump a “big fat bribe”—has fueled speculation of political motives. Paramount, CBS’s parent company, is pursuing an $8.4 billion merger with Skydance Media, which requires approval from Trump’s Federal Communications Commission (FCC). Critics, including Senator Elizabeth Warren, suggest the network axed Colbert to curry favor with the administration. “America deserves to know if his show was canceled for political reasons,” Warren posted on X. FCC Chairman Brendan Carr dismissed such claims, stating, “The agency’s review of the proposed merger was not connected to the lawsuit.”

Colbert’s Partisan Pivot

Colbert, once celebrated for his sharp wit on The Colbert Report, leaned heavily into partisan commentary on The Late Show. His relentless anti-Trump monologues, including jabs like calling the Trump settlement a “bribe,” alienated conservative viewers and may have contributed to the show’s financial struggles. “Colbert abandoned the precious gift of making everyone laugh in favor of nasty pandering to deranged leftists,” said Buck Sexton, co-host of The Clay Travis and Buck Sexton Show. The show still drew 1.9 million nightly viewers, outpacing rivals Jimmy Kimmel and Jimmy Fallon, but its high production costs—$100 million annually, with Colbert earning $15-$20 million—made it unsustainable.

Trump’s Gloating and Hollywood’s Outrage

President Trump didn’t hold back, taking to Truth Social to celebrate: “I absolutely love that Colbert got fired. His talent was even less than his ratings.” The comment sparked outrage among liberal elites, with celebrities like Jimmy Kimmel and Jon Stewart rallying behind Colbert. Kimmel posted on Instagram, “Love you Stephen. F**k you and all your Sheldons CBS.” Meanwhile, David Letterman, Colbert’s predecessor, called the cancellation “pure cowardice,” accusing CBS of bowing to political pressure.

Yet, not all agree that the cancellation was political. Former MSNBC host Keith Olbermann argued, “The economic factors are far more significant than anything else. If they were silencing him, why keep him on until next May?” Judge Judy Sheindlin was even blunter: “When a show loses money, it gets cancelled. CBS is in the business of making money.”

The End of an Era?

The tepid protest and Colbert’s looming exit signal a broader decline for late-night television. As viewers shift to streaming and social media, traditional formats struggle to justify their costs. “Late-night TV is a struggling financial model,” Jon Stewart noted on The Daily Show, likening it to “operating a Blockbuster kiosk inside a Tower Records.” With Colbert’s departure, CBS will exit the late-night game entirely, leaving questions about the genre’s future and whether political bias has accelerated its demise.