On July 17, CBS dropped a late-night bombshell: The Late Show with Stephen Colbert will end its run in May 2026, and with it, CBS will retire the Late Show franchise altogether. Executives called the move “purely a financial decision,” but for anyone who’s followed Colbert’s career, from Chicago’s Second City stages to the top of the late-night heap, it reads like the end of an era.
The official statement from CBS was long and laden with praise:
“THE LATE SHOW with STEPHEN COLBERT will end its historic run in May 2026 at the end of the broadcast season. We consider Stephen Colbert irreplaceable and will retire THE LATE SHOW franchise at that time. We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television.
This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount.
Our admiration, affection and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult. Stephen has taken CBS late night by storm with cutting-edge comedy, a must-watch monologue and interviews with leaders in entertainment, politics, news and newsmakers across all areas. The show has been #1 in late night for nine straight seasons; Stephen’s comedy resonates daily across digital and social media; and the broadcast is a staple of the nation’s zeitgeist.
The accomplishments of THE LATE SHOW with STEPHEN COLBERT are memorable and significant in performance, quality and stature. With much gratitude, we look forward to honoring Stephen and celebrating the show over the next 10 months alongside its millions of fans and viewers.”
It’s a beautiful eulogy. But that doesn’t mean it tells the whole story.
Born of Chicago
Before he was roasting presidents and moderating congressional satire from behind a desk in the Ed Sullivan Theater, Stephen Colbert was just another ambitious improv kid on the North Side. A Northwestern grad, Colbert cut his teeth in Evanston’s theater scene before heading to Second City, where he trained under Del Close and performed alongside fellow Chicago comedy royalty like Amy Sedaris and Paul Dinello.
It was in those hallowed halls of Chicago improv that Colbert honed his now-signature brand of biting political humor and character-driven satire. This art form would take him to The Daily Show, The Colbert Report, and eventually the top job in late-night.
The Fallout
Now, Colbert’s reign will officially end in May 2026, bringing down the curtain on a franchise that’s spanned more than three decades, from Letterman to now. The decision, CBS insists, was a business, not a personal, matter. But the timing has raised eyebrows. Here is Colbert’s monologue from last night:
In the weeks leading up to the announcement, Colbert had become increasingly critical of CBS’s parent company, Paramount Global, especially over its controversial $16 million settlement with Donald Trump. While network brass maintains the cancellation is unrelated, political backlash has been swift. Members of Congress, including Elizabeth Warren and Adam Schiff, issued public statements slamming the decision. Meanwhile, Colbert’s late-night peers—Kimmel, Fallon, Stewart—offered praise and solidarity.
The decision also results in the eventual layoff of 200 staff members and crew members.
A Chicago Voice Silenced?
This isn’t just a loss for the national late-night landscape. It’s also a sobering moment for Chicago’s comedy legacy. Colbert was one of our own: a Northwestern Wildcat, a Second City veteran, and a defining voice of satire forged in the fire of this city’s tradition of smart, socially conscious comedy.
Colbert’s Late Show was the only one to grow viewership in 2025, with roughly 1.9 million weekly viewers—modest in today’s numbers, but significant in a shrinking landscape. As networks recalibrate, shedding expensive legacy shows in favor of cheaper digital-first programming, one thing’s clear: the era of Chicago-born, sharp-edged, political comedy on network TV is at risk.
What Comes Next?
There are ten months left of The Late Show, giving Colbert time to go out on his own terms. And you can bet he’ll do it with the same mix of sincerity and sting that made him a household name.
For Chicago’s creative community, his exit is a call to arms. The stage may be shrinking, but the city that gave us Colbert, Tina Fey, Jordan Peele, Aidy Bryant, and Cecily Strong is still producing storytellers who punch up and speak out.
In other words, late night may be winding down, but Chicago’s not going anywhere.
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