Paramount's Former Chair Shari Redstone Cites Financial Non-Viability for Stephen Colbert Show's May 2026 End

New York – Former Paramount Global chairwoman Shari Redstone recently stated that CBS's decision to conclude "The Late Show with Stephen Colbert" by May 2026 was driven by financial non-viability, a condition she claims has long plagued late-night television. Speaking at the Axios Media and Trends Live conference, Redstone asserted that the cancellation was a business decision made months prior to its public announcement. This clarification comes amidst ongoing discussions about the economic pressures facing traditional broadcast programming and the future of late-night formats.

"I can tell you that we had been looking at late night, it was financially not viable. It had been that way for a long time," Redstone said, as quoted by Axios. She further emphasized that the decision was not tied to regulatory approval for the Paramount-Skydance merger, stating, "We had made a decision months prior to the announcement that we were not going to be going forward with that show." She drew a parallel to the earlier cancellation of James Corden's "The Late Late Show," indicating a broader strategy.

CBS officially announced in July 2025 that "The Late Show with Stephen Colbert" would cease production in May 2026, citing "purely financial reasons." The network specified that the decision was unrelated to the show's performance or content, despite its recent Emmy win for outstanding talk series. Reports suggest the show had been incurring significant losses, with some estimates placing them at $40 million annually.

The cancellation has, however, sparked debate regarding potential political influences, particularly following Colbert's public criticism of Paramount's $16 million settlement with Donald Trump. Senator Edward Markey (D-Mass.) raised concerns, questioning whether any Trump administration officials had sought the show's cancellation. Redstone, while defending the Trump settlement as a necessary distraction removal for the company, maintained that the decision regarding Colbert was strictly financial.

Redstone also touched on the broader media landscape, advocating for more "balanced" and "fact-based" news coverage. She expressed hope for the future under Paramount's new ownership, Skydance Media, and for CBS News to continue creating impactful content. The end of "The Late Show" marks a significant shift in CBS's programming strategy and highlights the increasing financial challenges within the competitive late-night television sector.