Former Late Night Legend Speaks Out Amid CBS Crisis: Is The Late Show’s End a Sign of an Era’s Collapse?

On July 17, 2025, CBS announced the cancellation of The Late Show with Stephen Colbert, a decision that stunned the entertainment world and ended a 33-year franchise that began under David Letterman in 1993. The network cited financial losses of $40 million annually, but the timing—days after Colbert criticized Paramount Global’s $16 million settlement with President Donald Trump—sparked speculation of political motives tied to Paramount’s $8 billion Skydance Media merger. Now, David Letterman, the former late-night legend who built The Late Show into a cultural cornerstone, has broken his silence, warning that CBS’s decision could signal the self-destruction of an entire era of television. His comments, paired with industry shifts, raise urgent questions about the future of late-night comedy.

David Letterman, 78, hosted Late Night on NBC from 1982 to 1993 before launching The Late Show on CBS, where he reigned for 22 years until 2015. His irreverent humor, Top Ten Lists, and Stupid Pet Tricks redefined late-night, making him a rival to Johnny Carson and a mentor to comedians like Conan O’Brien and Stephen Colbert. In a rare YouTube post on July 18, 2025, Letterman called the cancellation “pure cowardice,” quipping, “You can’t spell CBS without BS.” He suggested the move was less about money and more about corporate capitulation, referencing his own battles with NBC’s parent company, General Electric, in the 1980s over merger pressures. “I fought to keep comedy free,” he said. “CBS is folding faster than a cheap suit.”

The cancellation stunned fans and industry insiders. The Late Show, under Colbert, averaged 2.5 million viewers in the 2024-2025 season, leading ABC’s Jimmy Kimmel Live! and NBC’s The Tonight Show Starring Jimmy Fallon. Its July 17 episode, where Colbert announced the end, drew 3.079 million viewers, with clips garnering 10 million YouTube views. CBS’s claim of financial necessity—citing a 50% drop in late-night ad revenue since 2018, from $439 million to $220 million—has merit, as the genre struggles against streaming platforms. Yet, the decision to retire the franchise entirely, rather than replace Colbert, has fueled suspicion, especially after Paramount’s settlement with Trump over a 60 Minutes interview edit.

Letterman’s critique echoes a broader late-night crisis. The genre, once a cultural touchstone, is fading. Johnny Carson’s The Tonight Show once accounted for nearly a quarter of NBC’s profits, but today’s shows lose money despite prestige. CBS’s earlier attempts, like The Merv Griffin Show (1969-1972) and The Pat Sajak Show (1989-1990), flopped against Carson’s dominance, and The Late Late Show ended in 2023 after James Corden’s exit, followed by After Midnight’s cancellation in 2025. Other shows, like those hosted by Samantha Bee and Conan O’Brien, have also vanished without replacements, leaving only Kimmel, Fallon, and Seth Meyers as network holdouts.

Colbert’s outspoken criticism of Trump, including calling the settlement a “big fat bribe,” made him a target. Democratic senators Adam Schiff and Elizabeth Warren demanded transparency, with Schiff posting on X, “If Paramount and CBS ended The Late Show for political reasons, the Ascolta: the public deserves to know.” Warren echoed, “America deserves to know if his show was canceled for political reasons.” The Writers Guild of America even called for a New York attorney general investigation into possible bribery. On X, users like @allenanalysis and @Todd_Spence amplified these concerns, though some, like @burackbobby_, argued the $40 million loss justified the move.

Letterman’s intervention adds weight to the political narrative. He recalled his 1980s battles, when he mocked GE executives on-air, a tradition Colbert continued. “Comedy should challenge power,” Letterman said, warning that CBS’s move risks chilling free speech. He hinted at knowing “things CBS doesn’t want out,” fueling speculation about Colbert’s promised counterattack on August 4, 2025, where he may reveal internal CBS pressures or merger-related deals. Industry experts like Bill Carter, author of late-night histories, agree, noting, “If CBS believes it can escape questions about capitulating to Trump, they’re deluded.”

The late-night landscape is shifting. Streaming has fractured audiences, with topical shows lacking the replay value of scripted content. The Late Show’s digital reach—millions of online views—shows potential, but networks prioritize cost-cutting. NBC’s Meyers ditched his house band to save money, while Kimmel and Fallon face uncertain futures, with contracts through 2026 and 2028, respectively. Letterman argues late-night’s cultural role outweighs losses, citing its history of launching careers and shaping discourse, from Carson’s political barometer to Colbert’s Trump critiques.

Monday’s episode could be historic. Insiders suggest Colbert may share CBS memos or merger details, though past hoaxes, like a debunked 2025 View lawsuit, urge caution. Letterman’s support—he called Colbert “the greatest to ever do it”—and endorsements from Jon Stewart, Jimmy Kimmel, and John Oliver signal a united front. Stewart’s Daily Show rant against CBS’s “path of least resistance” and Kimmel’s fiery Instagram post (“F**k you and all your Sheldons, CBS”) hint at a coordinated push.

Is late-night self-destructing? Letterman fears so, warning that abandoning The Late Show—a “public pipeline to truth”—cedes cultural ground. With viewership down and ad dollars shrinking, the genre faces an existential crisis, but its role in challenging power remains vital. As Colbert prepares his counterattack, backed by Letterman’s legacy, Monday could mark a defiant stand—or the final curtain for an era.