THE GAME HAS OFFICIALLY CHANGED: CBS Cancels Stephen Colbert’s Late Show as Ratings Plunge, While Gutfeld! Surges to Lead American Nighttime Television
On July 17, 2025, CBS delivered a seismic blow to the late-night landscape, announcing the cancellation of The Late Show with Stephen Colbert, set to end in May 2026 after a 33-year franchise run. The decision, which stunned fans and industry insiders, marks the end of an era for the top-rated network talk show, once a juggernaut under David Letterman and later Colbert. Meanwhile, Fox News’ Gutfeld!, hosted by Greg Gutfeld, has emerged as the unlikely king of late-night, averaging 3.1 million viewers in 2025, outpacing Colbert’s 1.9 million and reshaping American nighttime television in a historic transition. The shift, fueled by plummeting ad revenue and a changing media landscape, has sparked fierce debate about politics, economics, and the future of late-night comedy.
Colbert, 61, broke the news during a somber taping at New York’s Ed Sullivan Theater, telling his booing audience, “I found out last night. It’s not just our show—it’s the end of The Late Show on CBS.” The network cited financial losses, with reports indicating the show hemorrhaged $40 million annually due to a $100 million budget and declining ad revenue, down 50% from $439 million in 2018 to $220 million in 2024 across network late-night shows. Despite leading network competitors like ABC’s Jimmy Kimmel Live! (1.5 million viewers) and NBC’s The Tonight Show Starring Jimmy Fallon (1.1 million), Colbert’s ratings had been slipping, reflecting a broader decline in traditional TV viewership as audiences pivot to streaming.
The timing of the cancellation, just days after Colbert called Paramount’s $16 million settlement with President Donald Trump over a 60 Minutes lawsuit a “big fat bribe,” raised eyebrows. Paramount, CBS’s parent company, is seeking Trump administration approval for an $8.4 billion merger with Skydance Media, led by David Ellison, a reported Trump ally. 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 public deserves to know.” The Writers Guild of America echoed this, suggesting the cancellation could be a “bribe” to curry favor with Trump, a frequent target of Colbert’s sharp monologues.
CBS insisted the decision was “purely financial,” with executives George Cheeks, Amy Reisenbach, and David Stapf stating, “It is not related to the show’s performance, content, or other matters at Paramount.” Yet, skeptics, including CBS staffers, pointed to the optics: Colbert, a vocal Trump critic since 2015, was axed amid a merger requiring FCC approval, while Gutfeld!, a right-leaning show, thrives. Puck’s Matt Belloni noted that while economics likely drove the decision, political motives couldn’t be ruled out, especially as no cost-cutting talks with Colbert, who earns $15–20 million annually, were attempted.
Enter Gutfeld!, which has defied the late-night slump. Airing at 10 p.m. ET on Fox News, the show has dominated for 21 months, leading with 398,000 viewers in the advertiser-coveted 25–54 demographic, compared to Colbert’s 288,000. Its low-budget, irreverent format—blending comedy, panel discussions, and conservative commentary—resonates with viewers, particularly during Trump’s second term. “Gutfeld! is produced with a fraction of Colbert’s budget and staff,” noted The Gateway Pundit, highlighting its efficiency. Gutfeld himself took shots at Colbert, with a viral clip captioned “Colbert’s $50 Million Flop” gaining traction on X.
The contrast is stark. While Colbert’s Late Show leaned into liberal satire, Gutfeld! offers a raunchy, right-wing alternative, capitalizing on a shifting audience mood. “The political juxtaposition signals a different mood among viewers,” USA Today reported, noting Gutfeld!’s rare ratings growth as competitors slide. Late-night’s traditional format—topical monologues, celebrity interviews, and house bands—struggles against streaming and podcasts, where audiences favor unfiltered, long-form content. The American Prospect argued that late-night’s topicality limits its streaming viability, with Colbert’s 2.47 million nightly viewers dwarfed by 1970s CBS reruns that drew 7 million.
Fans are divided. On X, some cried foul, with @aintscarylarry posting, “CBS cancelled Colbert because they’re cowards eager to appease Trump.” Others, like @BillOReilly, claimed, “Regular folks don’t care,” framing it as a business move. A Change.org petition to save The Late Show gained momentum, while peers like Jimmy Kimmel and Jimmy Fallon expressed solidarity, with Kimmel slamming CBS on Instagram. Trump celebrated, posting on Truth Social, “I love that Colbert got fired. I hear Kimmel is next!”
The cancellation signals a broader crisis for late-night TV. With After Midnight already axed and Jon Stewart’s Daily Show under scrutiny, the genre faces extinction as networks cut costs and streaming dominates. The New York Times called it “a crushing blow,” warning that Fallon and Kimmel could be next. For now, Gutfeld!’s improbable rise marks a new chapter, proving that in a fractured media landscape, adaptability—and a lean budget—reigns supreme.
