There’s quite a bit of sadness among the left regarding the supposed loss of Stephen Colbert, the CBS late-night staple, but it’s worth noting that the network had already seen a significant decline prior to Colbert’s departure, leading to his eventual cancellation.
CBS has announced that it will end the Late Show with Stephen Colbert next March. This decision not only means that Colbert will be out of a job but also signifies the closure of a long-standing tradition in late-night television that began with David Letterman in 1993.
During his opening segment on Thursday, Colbert acknowledged the show’s impending end, expressing gratitude to fans and staff while the audience reacted with disapproval. He has been hosting since 2015, so this is quite a moment.
However, the cancellations aren’t exactly out of the blue. According to Puck, CBS executive Matthew Veroni has been considering this for several months, and Colbert had been made aware that plans for cancellation were in the works.
Colbert has been quite the draw for CBS, but Veroni noted that the Late Show has been losing about $40 million annually. The slump in ad revenues since the 2021 season has further complicated matters without any signs of recovery.
Ultimately, CBS concluded that the annual production costs of $100 million for Late Show weren’t justifiable. They framed the cancellation strictly as an economic decision.
This decision is not a reflection of Colbert’s political leanings; it’s simply about finances. “Trust me, there’s no conspiracy,” a source explained regarding the cancellation.
It raises the question of how long it might take for NBC and ABC to make similar moves regarding their late-night programs.
Yet, the reality of the situation hasn’t stopped some on the left from speculating wildly, claiming that Colbert’s exit is somehow connected to a statement made by former President Donald Trump, who recently won a significant settlement from CBS/Paramount related to election interference.
