Since CBS announced it would cancel “The Late Show with Stephen Colbert,” speculation has swirled over the network’s reasoning. Now, several former late-night hosts are weighing in — pointing to declining revenue, shrinking viewership and increasing political division as potential factors behind the decision.
Losing CBS millions
During a recent appearance on the “Breaking Bread with Tom Papa” podcast, former “Full Frontal” host Samantha Bee said the Colbert show was likely becoming too expensive for CBS to keep producing.
“It was definitely hemorrhaging money,” Bee said. “These legacy shows … they are hemorrhaging money with no real end to that in sight. People are just not tuning in, even remotely comparatively to how they used to.”
She added that the merger between CBS’s parent company and Skydance likely made it easier to pull the plug.
“It’s so much easier for them to cut it loose with this merger coming down the pike,” she said. “It makes the decision such a no-brainer.”
Multiple outlets, including The New York Post, Puck News and The Wall Street Journal, cited CBS insiders who estimated the show was losing between $40 million and $50 million annually.
Ratings reveal steep decline
Nielsen ratings appear to support Bee’s argument that viewers have stopped tuning in. “The Late Show with Stephen Colbert” peaked with 3.1 million viewers during the 2017–2018 season. By the 2021–2022 season, that number had dropped to 2.1 million. In the most recent 2024–2025 season, which ended in May, the show averaged just 1.9 million viewers.
With more options for late night viewing, namely streaming and shows offering on-demand viewing of clips, the overall viewership of the network shows has fallen over the last decade.
When compared with late-night greats like David Letterman and Jay Leno, the drop-off becomes even more stark. Letterman reached 7.8 million viewers during his 1994–1995 peak, while Leno averaged 5 million nightly viewers throughout his run from 1999 to 2009.
Leno blames politics for late night decline
Jay Leno also weighed in during a recent appearance with the Ronald Reagan Presidential Foundation & Institute, saying the late-night format overall has suffered due to its increasingly political tone.
“I like to think people come to a comedy show to get away from the pressures of life,” Leno said. “I love political humor, don’t get me wrong — but what happens is people end up cozying to one side or the other.
“I just don’t think anybody wants to hear a lecture,” he continued. “Why shoot for just half an audience all the time? Why not try to get the whole? I don’t understand why you would alienate one particular group.”
Political nature of merger deal
Bee also suggested politics may have played a role in the decision to cancel Colbert’s show. She pointed out that CBS’s new owner, Skydance, needed approval from the Trump administration’s Federal Communications Commission to finalize its merger. Given Colbert’s long-standing criticism of President Donald Trump, Bee implied the network may have canceled Colbert as a bargaining tactic.
CBS has denied that politics played a role, saying the decision was purely financial.
After CBS announced Colbert’s show would end next year, viewership temporarily spiked — rising 32% to 2.4 million viewers in the days following the news. But that number still lags behind Colbert’s top competitor, Fox News’ Greg Gutfeld, who currently leads late night with an average of 3.1 million viewers.
