Jimmy Fallon, CBS and Late Show
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There’s a very simple reason why “The Late Show with Stephen Colbert” was canceled by CBS: the program was losing huge amounts of money, Puck reported. Colbert had to walk the plank because “The Late Show” was losing $40 million a year.
A new report from Puck's Matt Belloni is shedding light on the finances that led to CBS' bombshell cancellation of "The Late Show with Stephen Colbert."
"The Late Show" will end next May, marking the end of an era, CBS announced. The show has been a late-night staple since 1993. It was hosted by David Letterman until Stephen Colbert took over in 2015.