The final episode of The Late Show with Stephen Colbert aired on CBS on May 21, concluding an 11-year run that began in September 2015.
The series finale attracted 6.74 million live + same-day viewers, the highest weeknight audience in the show's history, according to preliminary Nielsen data. CBS announced the cancellation in July, citing financial challenges in the late-night television landscape.
Final Episode
Guest Appearances
The finale featured Paul McCartney as the sole live interview guest. McCartney, whose band The Beatles first performed at the Ed Sullivan Theater in 1964, discussed the group's historic appearance and his new album. He performed "Hello, Goodbye" with Elvis Costello, former bandleader Jon Batiste, and current bandleader Louis Cato.
Pre-taped segments included appearances by Bryan Cranston, Paul Rudd, Tim Meadows, Tig Notaro, and Ryan Reynolds. A sketch featured Neil deGrasse Tyson explaining a fictional interdimensional wormhole caused by the show's cancellation, with cameos from Jon Stewart, Andy Cohen, Seth Meyers, John Oliver, Jimmy Kimmel, and Jimmy Fallon. The episode concluded with a visual effect depicting the Ed Sullivan Theater being sucked into a wormhole and reappearing as a snow globe.
Colbert's Remarks
Colbert opened the episode by addressing the audience directly. He expressed gratitude to staff and viewers. He referenced the show's origins, noting that his role differed from his previous satirical persona on The Colbert Report, stating the show aimed to "feel the news with you."
Cancellation Background
Official Explanation
CBS announced the cancellation in July, describing it as "purely a financial decision against a challenging backdrop in late night." The network stated the decision was not related to the show's performance, content, or other matters at Paramount.
Context and Reactions
The cancellation announcement came three days after Colbert criticized Paramount Global's $16 million settlement of a lawsuit filed by President Donald Trump, calling it a "big fat bribe" on air. The settlement occurred as Paramount sought FCC approval for its merger with Skydance Media.
President Trump posted on Truth Social following the cancellation announcement, expressing satisfaction with the show's end and criticizing Colbert. Following the finale, Trump posted again, stating Colbert had "no talent, no ratings, no life."
David Letterman, who hosted the program from 1993 to 2015, criticized CBS's explanation, calling the network "lying weasels" in an interview with The New York Times. He suggested the cancellation was related to the network's sale to Skydance.
Colbert stated that he does not dispute the network's rationale for the cancellation, though he acknowledged others might find the timing suspicious. He told The Hollywood Reporter he did not expect the show to end this way but expressed gratitude for his 21 years across two shows.
Final Week Programming
Guest Lineup
The final week's guests included David Letterman (May 14), a reunion of "Strike Force Five"—Jimmy Fallon, Jimmy Kimmel, Seth Meyers, and John Oliver (May 11)—and appearances by Jon Stewart, Steven Spielberg, Julia Louis-Dreyfus, Tom Hanks, Pedro Pascal, and John Krasinski. Former President Barack Obama participated in "The Colbert Questionert" segment. Musical performances included Bruce Springsteen, The Strokes, and a Broadway segment featuring Annaleigh Ashford, Christopher Jackson, Bernadette Peters, Ben Platt, and Patrick Wilson.
Competitor Response
Jimmy Kimmel aired a rerun of Jimmy Kimmel Live! on the night of the finale and encouraged viewers to watch Colbert's final episode, suggesting they not watch CBS thereafter. NBC also aired a rerun of The Tonight Show Starring Jimmy Fallon, giving Colbert's finale an unopposed time slot.
Strike Force Five Reunion
The five hosts announced a reunion episode of their Strike Force Five podcast, released on May 13, with proceeds benefiting World Central Kitchen. The podcast was originally launched during the 2023 WGA and SAG-AFTRA strikes to support out-of-work staff.
Viewership and Ratings
The finale's 6.74 million viewers exceeded the show's Q1 2026 average of 2.69 million and the series premiere of September 8, 2015 (6.55 million). The most-watched episode overall remained the post-Super Bowl episode on February 7, 2016 (20.55 million). David Letterman's farewell episode in May 2015 drew 13.76 million viewers.
Replacement Programming
CBS is leasing the 11:35 p.m. time slot to Byron Allen's Allen Media Group, which will air Comics Unleashed, a program featuring stand-up comedians. Allen's company will also continue to lease the 12:37 a.m. hour for Funny You Should Ask. Allen stated the program will avoid political content.
Colbert's Future Plans
Colbert plans to co-write a new Lord of the Rings film for Warner Bros. with his son. He has indicated interest in creating another television show but has not committed to a specific format. Colbert has ruled out a run for political office.
Post-Finale Public Access Appearance
One day after the finale, Colbert appeared on Only in Monroe, a public access program in Monroe, Michigan. The episode featured guests Jack White, Jeff Daniels, Steve Buscemi, and Eminem, along with regular hosts Michelle Baumann and Kaye Lani Rae Rafko Wilson. Colbert spoke via FaceTime with Byron Allen. CBS Studios financed and produced the episode. CBS initially issued copyright takedown notices for unauthorized uploads but subsequently announced it would waive further enforcement pending additional review.