CBS canceled The Late Show with Stephen Colbert in June 2026, citing financial losses of $40 million a year as the reason for the decision [1, 2]. President Donald Trump reportedly called for the cancellation due to Colbert’s critical stance toward him [1].
Jimmy Kimmel sharply criticized CBS for using what he called "made-up numbers" to justify firing Colbert. Kimmel questioned how CBS could claim such steep losses when it had offered Colbert a five-year contract extension in 2023. "Am I to believe that over the course of those two years, they suddenly started losing $40 million a year?" he asked [1, 2].
Kimmel highlighted that his own show, Jimmy Kimmel Live! on ABC, has remained profitable since airing in 2003, despite having lower viewer numbers than Colbert’s show [1]. He expressed a sense of defeat and uncertainty about the future of late-night television. "In a lot of ways, I feel like I’m looking at my own future," Kimmel said, adding "I feel a little bit defeated about it" [1, 2].
Some commentators have noted that late-night shows have shifted from comedy toward political activism in recent years, which may have influenced ratings declines and network decisions [2]. Fox News framed the cancellation within this broader political context, while Kimmel directly blamed Trump’s pressure for the move [1, 2].
CBS’s explanation of losses and Trump’s involvement remain disputed. CBS maintains the $40 million loss as the official reason for canceling The Late Show, while Kimmel and others dispute the legitimacy of those figures [1, 2].
CBS offered Stephen Colbert a five-year contract extension in 2023, which makes the 2026 cancellation appear sudden by comparison [1, 2]. Kimmel himself signed a one-year deal with ABC in 2025.
The next major milestone will be the expiration of Kimmel’s current contract in 2027, at which point his uncertain future on late-night TV may become clearer [1].
