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The Late Show with Stephen Colbert to Conclude May 21 Amid Financial and Regulatory Developments

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"The Late Show With Stephen Colbert" Set to Conclude on May 21st

"The Late Show With Stephen Colbert" is set to air its final episode on May 21, concluding its run after Stephen Colbert hosted the program since 2015. CBS initially announced the show's cancellation in July, citing financial reasons. This decision followed a settlement involving CBS's parent company, Paramount, and occurred amidst ongoing regulatory scrutiny, including an "equal time" rule dispute and a proposed merger.

Show Conclusion Announced

The final episode of "The Late Show With Stephen Colbert" is scheduled for May 21. Host Stephen Colbert announced the specific date on Monday during an appearance on NBC’s "Late Night With Seth Meyers." CBS had previously announced in July that the show, which debuted in 1993 under David Letterman and was taken over by Colbert in 2015, would conclude in May. At the time of the initial announcement, Colbert informed his audience the show was ending and would not be replaced on the network, though the exact final air date was not disclosed.

Financial Context and CBS's Statement

CBS characterized the show's cancellation as "purely a financial decision against a challenging backdrop in late night." The network stated that the decision was "not related in any way to the show’s performance, content or other matters happening at Paramount."

The cancellation announcement followed a $16 million settlement reached by Paramount, CBS's parent company, with Donald Trump. This settlement addressed Trump's claims of deceptive editing in a "60 Minutes" interview involving Kamala Harris. Concurrently, Paramount was engaged in preparations for an $8.4 billion merger with Skydance Media, a transaction requiring federal approval. Days before the cancellation was announced, Colbert publicly referred to the settlement as a "big fat bribe."

Host's Commentary and Public Reactions

Colbert, a frequent critic of the Trump administration, suggested that the show's cancellation could be related to regulatory approval needed for Paramount's potential merger.

Following the cancellation, he continued to comment on the Trump administration. In a segment reflecting on a year of the former president's second term, Colbert stated that the president had "monopolized our attention" and that new developments related to Trump often "dominated the headlines."

Reactions to the cancellation included a post on X by Bernie Sanders, who questioned a potential connection between Colbert's criticism of the deal and the show's ending. Donald Trump expressed satisfaction on Truth Social regarding the show’s conclusion.

"Equal Time" Rule Dispute

Weeks prior to the final air date announcement, Colbert reported that CBS lawyers had advised against broadcasting an interview with Democratic Senate candidate James Talarico. This advice was attributed to concerns about violating "equal time" regulatory guidance. Colbert also stated he was advised not to mention the incident, but he subsequently posted the full interview online via YouTube and other social media platforms.

CBS disputed Colbert's characterization of the advice, stating its attorneys had "provided legal advice" that broadcasting the interview could potentially trigger the Federal Communications Commission (FCC) rule. James Talarico is a Democratic candidate in the Texas primaries, competing for a federal Senate seat against Jasmine Crockett.

Understanding the "Equal Time" Rule

The "equal time" rule, a provision within the U.S. Communications Act of 1934, requires broadcast stations to offer comparable airtime to all political candidates in a specific contest if one candidate is granted time.

Key aspects of the rule include:

  • Applicability: It applies to television and radio broadcasts but does not extend to streaming services, cable, or social media.
  • Exceptions: Exceptions to the rule include newscasts, "bona fide" interview programs, and coverage of live events.
  • Triggers: The provision can be triggered if candidates host TV shows or appear in non-news programming.
  • FCC Guidance: In January, the FCC issued a warning indicating that late-night and daytime talk shows might not qualify for the "bona fide news exemption," suggesting a stricter interpretation of the rule for such programs.