The show’s departure signals a seismic shift away from traditional late-night formats|The Late Show with Stephen Colbert|Facebook

An era of television is ending as CBS airs the final episode of The Late Show today. First hosted by David Letterman in 1993 and concluding under Stephen Colbert, who took over in 2015, the program is being canceled after 33 years.

While the cancellation follows a controversial $16 million settlement between the parent company, Paramount, and President Donald Trump, CBS insists the move is purely financial. The show was losing millions annually and employed about 200 people.

The talk show’s departure signals a seismic shift away from traditional late-night formats toward video podcasts. Audiences are also turning to the internet for entertainment more than to television channels.

For example, late-night talk show host Conan O’Brien’s 2024 appearance on the Hot Ones YouTube show drew 10 million views.

Starting Friday, CBS will lease the time slot to Byron Allen’s non-topical show, Comics Unleashed, for tens of millions of dollars, ensuring immediate profitability and saving the network $40 million.

For his next chapter, Colbert, a longtime J.R.R. Tolkien enthusiast, is scripting a Lord of the Rings film for Warner Bros.