Stephen Colbert’s Exit Sparks Conspiracy Theories Online: Here's The Truth

CBS is canceling ‘The Late Show with Stephen Colbert’ after years of financial losses, putting an end to the network’s long-running late-night legacy. While some claim political motives, insiders point squarely to money problems.

Key Facts:

‘The Late Show with Stephen Colbert’ will officially shut down in March 2026, ending CBS’s late-night run that began in 1993.
Stephen Colbert took over as host in 2015, following David Letterman’s retirement.
The show has been losing roughly $40 million a year since 2021, with production costs around $100 million annually.
CBS executives had been considering cancellation for months and informed Colbert ahead of the public announcement.
Some on the political left are claiming the cancellation was influenced by Donald Trump, who recently settled a $16 million lawsuit with CBS.

The Rest of The Story:

Stephen Colbert addressed his audience Thursday with news that *The Late Show* would be winding down.

While some in the studio booed, Colbert thanked fans and staff for their support since he became host in 2015.

CBS’s decision ends more than three decades of late-night programming that began with David Letterman.

But this wasn’t a spur-of-the-moment move. As media reporter Matthew Belloni explained, top CBS executives had been wrestling with the show’s finances for months, and Colbert was told in advance.

Advertising revenue for the show tanked in 2021 and never recovered. With annual production costs reportedly near $100 million, the $40 million annual loss made the show unsustainable.

“Trust me, there’s no conspiracy,” one CBS insider told Belloni. “It’s just business.”

Did this make you want to get vaccinated?

It helped wake me up to the propaganda machine.

Goodbye PBS, NPR, Colbert. Hopefully, more to come as USAID propaganda money dries up. pic.twitter.com/2PjPIZdS1C

— John M. Cameron (@johnrockshomes) July 18, 2025

Commentary:

The outrage from the left has been loud, with some alleging that Stephen Colbert’s firing was a political payoff to former President Donald Trump.

That theory is as flimsy as it sounds. Yes, Colbert has spent years mocking Trump and pushing political narratives. But none of that changes the fact that his show simply wasn’t making money.

No business—especially one as bottom-line driven as television—keeps a program that hemorrhages tens of millions a year.

Colbert’s political lean didn’t get him fired. Economics did. Since 2021, *The Late Show* had been a sinking ship, with ad dollars drying up while expenses remained sky high. That’s not a sustainable model for any network.

Colbert made his name as a satirical firebrand, but he took the politics too far. The entertainment faded and the lectures grew longer. America didn’t cancel him—America just tuned out.

There’s no grand conspiracy here, no secret White House memo. Just cold, hard financial reality. Trump had nothing to do with it.

CBS executives would keep any show—left-wing, right-wing, or otherwise—if it turned a profit. It’s easier for critics to blame Trump than to accept that their hero’s brand just didn’t sell anymore.

But networks don’t operate on feelings. They operate on profits. NBC and ABC may soon face the same decision. Their late-night shows are also suffering.

The era of politically charged comedy as a cash cow may be coming to an end.

The Bottom Line:

Stephen Colbert’s exit from CBS has more to do with money than politics. Despite the noise, the facts show a financially failing show that couldn’t justify its cost.

Political conspiracy theories are just a distraction. Television is a business, and Colbert’s show stopped delivering.