The Late Show With Stephen Colbert to Air Final Episode May 21

CBS will sell its 11:35 p.m. ET timeslot to Byron Allen's Allen Media Group for the 2026-2027 TV season.

Stephen Colbert announced the final air date on May 21 during an appearance on NBC's Late Night With Seth Meyers.

Details of the Timeslot Transition

CBS has entered into an agreement with Byron Allen's Allen Media Group for the 11:35 p.m. ET timeslot, effective May 22. The arrangement is a traditional time buy, where a company leases a time period from a network and sells its own advertising. The deal runs through the 2026-2027 TV season.

As part of the agreement, Allen will air back-to-back episodes of his series Comics Unleashed. Allen will also continue to lease the 12:37 a.m. hour, where he airs the comedy game show Funny You Should Ask. He has previously leased the 12:37 a.m. slot during past late-night show transitions.

CBS stated that the change represents a step towards reimagining economical original programming in late night. Network insiders indicate that Comics Unleashed and Funny You Should Ask are considered national network programming, and affiliates are expected to clear them.

Background on Byron Allen's Programming

Byron Allen, founder, chairman, and CEO of Allen Media Group, created Comics Unleashed two decades ago. The series originally aired from 2006 to 2016 and resumed new episode production for the 2025-2026 TV season on CBS. Funny You Should Ask premiered in syndication in September 2017. Allen had previously expressed interest in taking over the 11:35 p.m. slot.

Timeline of the Show's Cancellation

• July 2025: CBS announced that The Late Show would be canceled by May 2026, describing it as a "purely financial decision against a challenging backdrop in late night." The network stated the decision was "not related in any way to the show's performance, content or other matters happening at Paramount."
• Mid-July 2025: Colbert informed his audience that the show was ending and would not be replaced on CBS.
• May 21: The final episode of The Late Show is scheduled to air, concluding the show's run that began in 2015.

Context Surrounding the Cancellation Announcement

The cancellation announcement followed several developments involving CBS's parent company, Paramount Global.

• Settlement with Donald Trump: Paramount reached a $16 million settlement with Donald Trump concerning his claims of deceptive editing in a 60 Minutes interview with Kamala Harris.
• Merger with Skydance Media: Paramount was preparing for an $8.4 billion merger with Skydance Media, which required federal approval.
• Colbert's On-Air Comment: Two days before the cancellation was announced, Colbert referred to the settlement as a "big fat bribe" on air.

Responses from Involved Parties

Stephen Colbert: In an interview with the New York Times, Colbert stated he does not dispute the network's rationale for the cancellation, though he acknowledged others might find the timing suspicious.

"It's possible that two things can be true. Broadcast can be in trouble. ... They've got the books, and I do not have any desire to debate them over what they say their business model is and how it does not work for them anymore. But less than two years before they called to say, 'It's over,' they were very eager for me to be signed for a long time. So, something changed."

He expressed a preference for gratitude over anger regarding his 11 years on CBS.

David Letterman: In a separate interview, Letterman criticized CBS's handling of Colbert's departure, describing it as "cowardice" and indicating he felt Colbert was not treated as he deserved.

Donald Trump: Trump posted on Truth Social expressing satisfaction with the show's ending.

Senator Elizabeth Warren: Warren published a column in Variety questioning the timing and suggesting an appearance of "bribery in plain sight."

Senator Bernie Sanders: Sanders posted on X questioning the connection between Colbert's criticism of the settlement and the show's cancellation.

Writers Guild of America: The union called for an investigation into Paramount by the New York state attorney general.

Equal Time Rule Dispute

In February, CBS prevented The Late Show from broadcasting an interview with Texas State Rep. James Talarico, a Democratic candidate in the Texas primaries for a federal Senate seat. Colbert reported that CBS lawyers advised against broadcasting the interview due to concerns about violating the "equal time" regulatory guidance, and that he was told not to mention the incident.

CBS disputed Colbert's characterization, stating its attorneys only "provided legal advice" that broadcasting the interview could potentially trigger the Federal Communications Commission (FCC) rule.

The equal time rule, part of the Communications Act of 1934, requires broadcast stations to offer comparable airtime to all political candidates in a given contest if one candidate is granted time. It applies to television and radio, but not to streaming services, cable, or social media. In January, the FCC issued a warning indicating that late-night and daytime talk shows might not qualify for the "bona fide news exemption," implying a stricter application of the rule.

The interview was subsequently released on digital platforms.