Stephen Colbert’s “The Late Show with Stephen Colbert” reaches its series finale Thursday, May 21 at 11:35 p.m. ET, ending nearly 11 years on CBS and following CBS’s July cancellation amid financial concerns that critics say may have been political. The final
When Stephen Colbert walked into his studio during his final week, he didn’t just feel like another late-night host wrapping up a contract. He looked like a central figure in a shared American routine—one that CBS is preparing to dismantle before the ink on the cancellation fully dries.
“The Late Show with Stephen Colbert” airs its series finale Thursday. May 21. ending a nearly 11-year run that began in September 2015. when Colbert took over the desk after David Letterman stepped away earlier that year. CBS said the program is being cut for financial reasons. but the questions that have followed it for months are not strictly about budgets—and Colbert’s critics have not let that go.
The final episode begins airing on CBS at 11:35 p.m. ET. Kicking off the night in a show-of-respect. Jimmy Kimmel and Jimmy Fallon—whose programs run opposite Colbert’s—will both air reruns on May 21. Starting on May 22, CBS is replacing “The Late Show” with Byron Allen’s “Comics Unleashed,” a comedy panel show.
The last stretch hasn’t been quiet. In the weeks leading up to the finale. Colbert leaned into the history of late night as much as its entertainment value—bringing former “Daily Show” leader Jon Stewart back into the spotlight. inviting Barack Obama onto the couch. and returning David Letterman to the kind of stage Letterman helped make famous.
During Colbert’s final weeks. he interviewed former President Barack Obama. reunited with his old “Daily Show” boss Jon Stewart. and brought Letterman back to his old stomping grounds. The former host joined Colbert for a segment in which the two gleefully threw things off the roof of the Ed Sullivan Theater. reviving a bit from Letterman’s era.
May 20 was another reminder that this finale isn’t only about endings—it’s also about the headlines Colbert still attracts. Colbert’s penultimate show featured a performance from Bruce Springsteen. who told the audience that Colbert is the “first guy in America who lost his show because we’ve got a president who can’t take a joke.”.
The cancellation itself has always sat at the center of the debate. CBS announced the decision to cancel “The Late Show” in July. Paramount Global later said it was “purely a financial decision against a challenging backdrop in late night.” Critics. however. have questioned whether politics played a role.
Colbert is known as an outspoken critic of President Donald Trump, and the timing of the cancellation announcement has fueled suspicion in some quarters. The decision was made while Paramount was going through a merger with Skydance Media that required Trump administration approval.
In the industry. the backlash has been swift and loud. and the controversy has pushed conversations beyond one host or one show. It has become a question about whether late-night comedy will remain a viable genre—or whether the format that has been a television staple for decades is nearing the end of its cultural pull.
That fear isn’t new. In a speech last year, former “Conan” host Conan O’Brien predicted that “late-night television, as we have known it since around 1950, is going to disappear.”
As Thursday’s broadcast approaches. the stakes feel clearer than ever—not just for Colbert. but for the idea that Americans can gather in the same nightly window. share the same jokes. and move through the news together. For decades, late night has been that daily ritual. Now the question is who—if anyone—will replace it in a media world that keeps splintering into smaller corners.
Stephen Colbert The Late Show CBS late night TV Paramount Global Skydance Media merger Byron Allen Comics Unleashed Barack Obama Jon Stewart Bruce Springsteen David Letterman Jimmy Kimmel Jimmy Fallon