The Journal: What Killed 'The Late Show'? – July 25, 2025

Hosted by Ryan Knutson and Jessica Mendoza, The Journal is a co-production of Spotify and The Wall Street Journal, delving into the most important stories about money, business, and power. In this episode, titled "What Killed 'The Late Show'?", the hosts explore the factors leading to the cancellation of Stephen Colbert's Late Show.

1. The Unexpected Cancellation Announcement

The episode opens with the shocking news that CBS has decided to cancel The Late Show with Stephen Colbert, effective May 2026. Host Andi Minaugh introduces the topic with the words:

"Last week, fans of late night television got some bad news." [00:05]

Stephen Colbert himself announced the cancellation to his audience, revealing:

"Before we start the show, I want to let you know something that I found out just last night. Next year will be our last season. The network will be ending." [00:09]

Joe Flint, a media correspondent, elaborates:

"Stephen Colbert announced to his audience that his show would be ending when his contract expires next May, May of 2026... And he basically said, I'm right there with you. And he said all this is going away. Meaning the late night business." [00:27]

Colbert emphasized that this decision wasn't about replacing him with a cheaper alternative but rather CBS exiting the late-night arena entirely:

"I'm not being replaced. This is all just going away." [00:46]

2. Financial Struggles of Late-Night Television

CBS cited financial reasons for the cancellation, a sentiment supported by Joe Flint:

"We've been hearing for a long time about the challenges in late night television. Audiences are smaller, ad revenue is down... So it's not like we're ending the Colbert show to go with a cheaper option. We're just done with late night TV." [01:07]

Flint highlighted that despite The Late Show being the top-rated late-night program, it was still losing approximately $40 million annually. The decline in ad revenue and the migration of advertisers to more targeted and cost-effective platforms like podcasts significantly impacted profitability.

3. Evolution and Decline of Late-Night TV

The hosts trace the rich history of late-night television, starting from NBC's Tonight Starring Steve Allen in the 1950s to Johnny Carson's iconic tenure in the 1960s. Carson was revered as the "king of late night," setting the standard for future hosts. Flint reminisces:

"When Johnny Carson was on, you know, of all the TVs that would have been on at 11:30, probably, you know, half of them were tuned into him, if not more." [05:55]

However, the landscape has drastically changed. The proliferation of content platforms has fragmented audiences, making it challenging for traditional late-night shows to maintain their once-dominant viewership.

4. The Rise of Digital Platforms and Changing Viewing Habits

A significant factor in the decline of late-night TV is the explosion of digital content. Joe Flint explains:

"It's grown so much. I mean, late night is having the same challenges all media are having. Technology has changed and created a lot more viewing options." [17:18]

Services like YouTube have become the most-watched video providers on American television, surpassing giants like Disney and Netflix. Content on these platforms often mirrors the format of traditional late-night shows, offering interviews, stunts, and interactive segments that attract younger, more diverse audiences.

Examples include:

• YouTube Clips: Shortened segments that are easily shareable and consumeable.
• Podcast-Style Shows: Intimate conversations and discussions that cater to niche interests.
• Innovative Formats: Shows like Hot Ones, where celebrities answer questions while eating increasingly spicy wings.

Flint notes that advertisers have followed viewers to these new platforms, leading to a steep decline in ad revenue for traditional late-night shows. In 2018, advertisers spent about $440 million on late-night shows across the three major networks, a figure that had halved by 2024.

5. The Political Dimension and Controversial Timing

While financial issues are the primary driver behind the cancellation, some fans speculate that politics played a role, especially given Colbert's outspoken criticism of figures like former President Donald Trump. Colbert's satirical segments often targeted Trump, which some believe may have influenced CBS's decision.

During his final monologue, Colbert referenced a significant settlement between Paramount and Trump:

"While I was on vacation, my parent corporation, Paramount, paid Donald Trump a $16 million settlement over his 60 Minutes lawsuit." [09:52]

Subsequently, Trump lauded the cancellation:

"I absolutely love that Colbert got fired." [11:14]

Though CBS maintains that the decision was purely financial, the timing and Colbert's political commentary have fueled conspiracy theories about hidden motives behind the show's termination.

6. The Cultural Impact of Late-Night TV's Decline

The demise of late-night television marks the end of an era where these shows served as a cultural unifier. Joe Flint reflects:

"The bigger picture is it's one more thing that used to kind of unite the country and the culture... Those moments are fewer and fewer in our country as all the audiences become so fragmented." [18:59]

Once a staple for post-bedtime entertainment and daily conversation starters, the reduction of late-night shows diminishes shared cultural experiences that previously connected millions of viewers nationwide.

7. Attempts to Adapt and Surviving Formats

In response to declining revenues, networks have experimented with reducing the frequency and scale of late-night productions. Many shows now air only Monday through Thursday, and some have made drastic cuts, such as NBC's Late Night with Seth Meyers eliminating its live band—a staple of the genre.

However, according to Flint:

"CBS made the call to end the Late show around July 4, days before Colbert criticized Paramount executives had been considering the move for some time... They've done cuts on all these shows, reducing staff and trimming episodes... but it's helping, but not nearly enough." [12:22]

These measures have provided marginal relief but have not been sufficient to reverse the overarching decline of the late-night format.

Conclusion: The End of an Era

The cancellation of The Late Show with Stephen Colbert symbolizes the broader downfall of traditional late-night television. Financial strains, evolving viewer preferences, and the rise of digital content platforms have collectively eroded the foundation upon which these shows were built. As audiences continue to fragment across an ever-expanding array of media options, the future of late-night TV remains uncertain.

Flint poignantly captures the sentiment:

"It's just taking away one more sort of water cooler thing." [18:59]

The end of late-night television not only signals a transformation in entertainment consumption but also reflects deeper shifts in how culture is shared and experienced in the digital age.

Additional reporting in this episode by Ben Fritz and John Jurgensen.