But the abrupt cancellation raised immediate questions about whether it was related to the impending merger with Skydance. A lawsuit by President Trump against Paramount that complicated the transaction was recently settled for $16 million. The F.C.C. review, however, has not yet been resolved. Mr. Colbert, who has hosted “The Late Show” for a decade, has been a passionate critic of Mr. Trump, and recently called the company’s settlement with the president “a big fat bribe.”

CBS is axing “The Late Show With Stephen Colbert” in May 2026, the host told an audience at a taping Thursday. The announcement came three days after Colbert spoke out against Paramount Global, parent company of CBS, settling with President Donald Trump over a “60 Minutes” story. “I am offended,” Colbert said in his monologue Monday night. “I don’t know if anything — anything — will repair my trust in this company. But, just taking a stab at it, I’d say $16 million would help.” He said the technical name in legal circles for the deal was “big fat bribe.”