Stephen Colbert Final ‘Late Show': How to Watch, Why It's Ending

Stephen Colbert is about to end his long goodbye. After almost 11 years behind the desk, the late‑night host will deliver his final episode of The Late Show on May 21, marking the end of one of television's most influential franchises. The farewell comes less than a year after CBS abruptly canceled the show and opted not to replace Colbert with a new host, an unprecedented move in modern late-night TV.

Colbert, who took over in September 2015 following David Letterman's 22‑year run, helped steer the program through a decade of political upheaval, cultural shifts and a rapidly changing media landscape. His exit closes the book on a franchise that began in 1993 and shaped generations of late‑night comedy.

Star‑Packed Final Stretch for Colbert

Colbert's final weeks have doubled as a victory lap. He welcomed Oprah Winfrey, former President Barack Obama and Letterman, and reunited with Jon Stewart, who used his appearance to rib CBS pointedly over its decision. Colbert also had fellow late-night hosts Jimmy Fallon, Jimmy Kimmel, Seth Meyers and John Oliver on the show.

CBS has kept the finale's guest list secret, but fans expect surprise cameos-especially given how Colbert ended The Colbert Report in 2014, singing "We'll Meet Again" surrounded by dozens of celebrities.

Colbert has long joked that his "white whale" guest is the pope; he once wrote directly to Pope Leo XIV, inviting him on the show.

How to Watch Colbert's Final Episode

The finale airs May 21 at 11:35 p.m. ET on CBS.

It will stream live on Paramount+ for Premium subscribers, while Essential‑tier users can watch the episode on May 22.

Colbert's ‘Late Show' Ends as Ratings Surge in Final Weeks

The CBS franchise closes its 11‑year run, still holding the title it has owned for most of the past decade: the most‑watched program in the 11:35 p.m. broadcast late‑night slot. Despite the show's cancellation, Colbert exits as the linear ratings leader-an increasingly rare feat in a shrinking late‑night marketplace.

In recent seasons, The Late Show averaged between 2.4 million and 2.8 million total viewers per episode, consistently topping Jimmy Kimmel Live! and The Tonight Show Starring Jimmy Fallon. CBS maintained that the cancellation was driven by industry‑wide declines in ad revenue, not performance.

Following the announcement, Colbert's audience spiked. One of his final weeks drew more than 3 million viewers, the show's strongest run in years.

How Colbert's Ratings Compare Across 11 Years

When Colbert debuted in 2015, he inherited a time slot that routinely delivered 3+ million nightly viewers. While linear TV erosion hit every late‑night program, Colbert remained the format's most stable performer, according to LateNighter Q4 2025 Nielsen analysis:

• Total Viewers: Averaged 2.69 million in Q4 2025, down 5 percent quarter‑to‑quarter but still No. 1.
• Demo (18-49): Averaged 226,000, occasionally trailing Kimmel, who led the demo in Q4 with 271,000.
• Year‑Over‑Year: Colbert grew 4 percent in total viewers but fell 28 percent in the demo-mirroring broader declines among younger linear audiences.

CBS Ends ‘The Late Show' Amid Controversy Over Motives

Paramount Global has insisted that the cancellation was "purely a financial decision," citing a challenging late‑night marketplace. Executives stressed that it was not tied to ratings, content or "other matters happening at Paramount."

But the move sparked backlash, with critics accusing the company of trying to appease the Trump administration during the high‑stakes Paramount-Skydance merger, which has since been completed. Colbert has repeatedly pushed back on the idea that he was "fired," noting that CBS chose to end the entire franchise rather than replace him.

Colbert Says Ending Wasn't His Choice

In an interview with The Hollywood Reporter, Colbert said he "did not expect it to end this way," explaining that although he didn't choose the timing, he likely would have shaped his final episodes similarly.

He joked that if he had chosen to end the show himself, "I'm the bad guy," adding that CBS' decision allowed him to approach the finale with humor rather than sentimentality.

Colbert noted that he planned the end of The Colbert Report two years in advance. This time, he said, "We didn't pick this day… but maybe they gave me a gift."

Inside Long-Running Colbert-Trump Feud

The relationship between Colbert and President Donald Trump has evolved from a standard host‑guest dynamic into one of the most visible media feuds of the past decade. Before Trump entered politics, he appeared on Colbert's shows as a celebrity guest-including a 2015 Late Show visit where he breezed through Colbert's satire.

After Trump's 2016 election, Colbert's tone sharpened dramatically. Trump became the centerpiece of his monologues, and recurring bits like "Cartoon Trump" turned the rivalry into a nightly fixture. The approach helped push The Late Show to the top of the ratings.

Trump responded by attacking Colbert at rallies and online, calling him "talentless," questioning his ratings, and suggesting networks critical of him should lose their broadcast licenses.

By 2026, Colbert was openly mocking Trump's appearance-joking about bruising on his hands as "5‑day‑old banana hand."

The feud escalated in 2025 when CBS announced the show's end shortly after Colbert criticized Paramount's settlement with Trump. Trump celebrated the cancellation on Truth Social, saying he "absolutely loved" that Colbert was "fired." Colbert fired back on air, declaring that the "gloves are off."

CBS has denied any political influence, calling the decision strictly financial. Critics-including Stewart-argued that the move reflected institutional "fear and pre‑compliance" toward the Trump administration.

Colbert has said his issue with Trump is rooted in behavior and conduct, not party affiliation. Trump continues to frame Colbert as part of a media environment he believes is hostile to him.

What Replaces ‘The Late Show'?

CBS is stepping away from traditional late-night for now.

Beginning May 22, Colbert's time slot will be filled by Byron Allen's Comics Unleashed, a rotating comedy panel show.

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This story was originally published May 21, 2026 at 10:47 AM.