In a statement on Thursday, the network said the late-night talk show was being canceled for financial reasons. Those reasons are associated with Paramount's proposed merger with Skydance Media, which requires Federal Communications Commission (FCC) approval under the Trump administration. Paramount is the parent company of CBS.

CBS said that the cancellation was for financial reasons, but some wonder if it was tied to the pending Skydance merger.

President Donald Trump attacked Stephen Colbert on Truth Social Friday morning after CBS and Paramount announced the cancellation of the late-night host’s longstanding show, a move the networks say was a financial decision but that Democrats have blasted as political.