Stephen Colbert hosted his final episode of The Late Show on May 21, 2026, after CBS announced the cancellation of his program earlier in the year. The final broadcast featured a reunion of Colbert’s longtime peers—Jimmy Kimmel, Jimmy Fallon, Seth Meyers, and John Oliver—who joined him on stage for a discussion about the state of late-night television.
Colbert, who had hosted The Late Show since 2015, invited the other hosts to address a question he said he had been asked repeatedly in recent months: Why should late-night television still exist? Colbert framed the inquiry as a broader challenge to the industry, noting that the five hosts collectively represent a significant portion of late-night programming. "Late night is in a bit of a weird spot right now — spoiler alert," Colbert said. "The five of us being here right now, obviously, it’s dangerous because we represent so much of late night."
The cancellation of The Late Show was announced by CBS in late 2025, with the network citing financial reasons. However, the decision followed years of declining ratings for Colbert’s program. According to industry reports, The Late Show averaged 2.545 million viewers in 2025, a decline from earlier years. In its final months, the show reached a low of 285,000 viewers in the 25-54 demographic, one of the lowest ratings in its history.
During the reunion episode, Kimmel responded to Colbert’s question by asserting that late-night television remains relevant. "More people are watching late-night television now than when Johnny Carson was on the air," Kimmel said. "We have a lot of shows, 30,000 people watching each one, and it adds up. People watch us on YouTube now. People have a lot of different options, and yet they still, they keep coming to us."
The episode also included lighthearted exchanges among the hosts, with Kimmel joking about the political scrutiny faced by late-night comedians. He referenced his own temporary removal from Jimmy Kimmel Live! in 2024 following backlash over comments about conservative commentator Charlie Kirk. "When I got knocked off the air for a few days, people canceled Disney+," Kimmel said. "I want to see you go nuts," he added, addressing Colbert directly.
Colbert’s final show aired on May 21, 2026, marking the end of a 12-year run that began on Comedy Central’s The Colbert Report. The cancellation reflects broader challenges in the late-night television landscape, where traditional broadcast networks face competition from streaming platforms and shifting viewer habits.
In a separate development reported by Paramount, the company’s new leadership publicly supported the cancellation, stating that the late-night landscape has a "huge problem" with oversaturation and declining engagement. The statement did not specify further details about the network’s strategy moving forward.
The reunion episode concluded with Colbert reflecting on the legacy of late-night television and the role of comedy in public discourse. The hosts did not announce any plans for future collaborations, though they expressed appreciation for their shared history in the industry.