The above links to an Instagram reel with Colbert breaking the news at the start of his show airing tonight. Here’s the same clip on X, if you prefer. He, apparently, was as surprised as anyone.

Here’s Jed Rosenzweig’s story at (the excellent) LateNighter:

“The Late Show with Stephen Colbert will end its historic run in May 2026 at the end of the broadcast season,” the network said in a statement. “We consider Stephen Colbert irreplaceable and will retire The Late Show franchise at that time. We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television.”

The statement was issued jointly by George Cheeks (Co-CEO of Paramount Global and President and CEO of CBS), Amy Reisenbach (President of CBS Entertainment), and David Stapf (President of CBS Studios).

CBS emphasized that the decision was not related to performance or content: “This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount.”

This stinks to high hell. Colbert has the best ratings in late night TV.