Stephen Colbert officially signed off from CBS on Thursday night, ending both his nearly 11-year run as host and the entire Late Show franchise that began with David Letterman in 1993. The emotional finale aired at 11:35 p.m. ET from New York’s iconic Ed Sullivan Theater and immediately became one of the biggest television and social media moments of the week.

Fans lined up outside the theater in rainy weather hours before the taping, with some arriving as early as 7:30 a.m. carrying signs reading “Thank You Stephen” and messages criticizing CBS and Paramount. Audience members later described the atmosphere inside as emotional, celebratory and unusually personal. One attendee said only about “20 percent” of the episode felt like a normal Late Show broadcast because much of the night focused on celebrating Colbert, his writers and the production staff who worked on the show for years.

CBS Cancellation Sparked Political and Industry Debate

CBS announced in July 2025 that The Late Show would end in May 2026, calling the move a financial decision tied to the difficult economics of late-night television. Still, the cancellation immediately became controversial because it came while Paramount Global was seeking federal approval for its merger with Skydance Media during Donald Trump’s presidency.

Colbert had repeatedly criticized Trump on-air and recently attacked Paramount over its settlement related to Trump’s lawsuit involving a 60 Minutes interview. Critics, fans and several entertainment figures openly questioned whether politics played a role in the decision to end the franchise.

The cancellation also reignited debate over the future of traditional late-night television as networks face declining ratings, rising production costs and growing competition from YouTube, podcasts, TikTok and streaming platforms.

Paul McCartney, Jon Stewart and Springsteen Joined Colbert’s Farewell Week

The final week of The Late Show featured several high-profile guests and emotional reunions. Former President Barack Obama appeared earlier in the month, while Jon Stewart reunited with Colbert for a nostalgic on-air conversation. David Letterman also returned to the Ed Sullivan Theater, joining Colbert for a comedy segment where the pair threw objects from the theater roof in tribute to Letterman’s classic late-night stunts.

Bruce Springsteen appeared during Wednesday’s penultimate episode and defended Colbert during a live monologue, saying the comedian was “the first guy in America who lost his show because we’ve got a president who can’t take a joke.”

Audience members at Thursday’s finale later revealed that Paul McCartney and former bandleader Jon Batiste performed during the taping. Fans also reported spotting celebrities including Ryan Reynolds, Bryan Cranston, Paul Rudd and Peter Jackson connected to the event.

Jimmy Kimmel and Jimmy Fallon aired reruns instead of new episodes Thursday night as a sign of solidarity with Colbert’s final broadcast.

What Happens to CBS Late Night Now

Beginning May 22, CBS is replacing The Late Show with Byron Allen’s comedy panel series Comics Unleashed. Allen recently described the move as a business opportunity while acknowledging the significance of taking over one of television’s most recognizable time slots.

Colbert’s departure closes a 33-year CBS late-night institution that shaped political comedy and celebrity television across multiple generations. Official clips and show archives remain available through the official CBS page for The Late Show with Stephen Colbert.

For more entertainment and television coverage, read Swikblog’s report on CBS’ latest programming and schedule changes.

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