In a wholesale late-night talk show change, CBS is exiting the space with the cancellation of the Late Show With Stephen Colbert, sunsetting the franchise that launched in 1993 with David Letterman as host.

Stephen Colbert's friends and colleagues are in shock at The Late Show's surprise cancellation.

CBS’ decision to cut ties with Stephen Colbert and its decades-old “Late Show” franchise come next May will leave a major hole in the format — but one that has been widening. TV networks have been cutting costs at their late-night mainstays for the past few years.

President Donald Trump was gleeful over Stephen Colbert's cancellation, saying his "talent was even less than his ratings" on Truth Social.