Some critics last week connected the cancellation of Colbert's show, in which he's frequently taken aim at President Donald Trump, with the merger. CBS, for its part, cited financial reasons for discontinuing the show, stating that it was losing money in a challenging environment for late-night programming.

In a statement, CBS and parent company Paramount called the change purely a financial decision, adding: "It is not related in any way to the show's performance, content or other matters happening at Paramount."

Advertising revenue for Colbert's show has dropped 40% since 2018 - the financial reality that CBS said prompted the decision to end “The Late Show” in May 2026. One former TV network executive said the program was a casualty of the fading economics of broadcast television.