CBS President and CEO George Cheeks confirmed Thursday that the network’s cancellation of The Late Show with Stephen Colbert was due to a staggering financial drain, not politics — a move that comes the same day as Paramount Global finalized its $8.4 billion merger with Skydance Media.
Cheeks, speaking publicly following the deal’s close, bluntly addressed the network’s decision to pull the plug on Colbert’s show despite it being a consistent ratings leader.
“We are huge fans of Colbert, we love the show,” Cheeks said, “but unfortunately the economics made it a challenge for us to keep going.” He cited a “significant secular decline” in the late-night advertising market, confirming that The Late Show was hemorrhaging “tens of millions of dollars” annually.
“At the end of the day, it just wasn’t sustainable to continue,” Cheeks concluded.
Despite Cheeks’ clear rationale, Colbert has leaned into conspiracy and sarcasm, suggesting CBS retaliated over his content. In a recent episode, Colbert mockingly blamed the cancellation on what he called “stashism,” saying his decision to grow a mustache triggered the network to act. “When obviously CBS saw my upper lip and boom, canceled. Coincidence? Oh, I think not. This is worse than fascism. This is stashism,” he quipped.
Colbert also questioned how a show with top ratings could be losing so much money, saying, “How could it purely be a financial decision if The Late Show is number one in ratings?” He took a swipe at CBS’s finances by alluding to the recent $16 million settlement paid to end a lawsuit brought by President Donald Trump, which accused CBS of election interference after a selectively edited 2024 interview with Kamala Harris aired before the election.
The Trump settlement added fuel to speculation surrounding the cancellation, but Cheeks made clear that cost-cutting — not politics — is driving CBS’s future under Skydance’s leadership. “They’re going to invest cautiously and wisely,” he said of the incoming Skydance team. “For me, managing this business is really important for me to double down [on] the areas [that] are broadcast intriguing, which really is primetime and sports.”
Paramount’s new owners are looking to strip out bloated overhead from unprofitable legacy divisions, and the late-night space has been one of the hardest hit. With advertising revenue collapsing, shows that once dominated the national conversation are now financial liabilities — even when they top the ratings.
Behind the scenes, CBS executives were reportedly frustrated with Colbert’s ballooning production costs and political grandstanding, which alienated advertisers and bled millions despite his show’s time-slot dominance. One insider told a trade publication that the financial losses were “closer to $50 million per year,” while others noted Colbert’s audience skewed older and more coastal — a demographic less valuable to sponsors.
For all of Colbert’s jokes and speculation, the message from CBS is clear: being politically aligned with the media class is no longer enough to guarantee job security. In a post-merger era dominated by hard-nosed financial discipline, even late-night’s progressive darlings aren’t immune from cancellation.
The post CBS Exec Comments On ‘Late Show’ Cancellation, Said It ‘Wasn’t Sustainable’ appeared first on Real News Now.
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