Stephen Colbert’s 3-Year Contract Was Another Big Factor When CBS Canceled The Late Show. A Head Honcho Got Real About Lesser-Known Details

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One of the major summer television events centered on the surprising (to many) cancellation of CBS’ late-night mainstay, The Late Show with Stephen Colbert, which they attributed primarily to financial difficulties. They additionally cast blame on Colbert for having less traction on YouTube and social media platforms. This reasoning was openly debated, with Jimmy Kimmel and others showing skepticism about the sudden emergence of money troubles at a time when CBS chief Paramount was trying to finalize the merger with Skydance Media. Another less-discussed factor contributing to this decision may have also been in play.

George Cheeks, who became Chair of TV Media following the merger’s finalization, addressed a significant factor contributing to the network’s decision to discontinue “The Late Show” after its upcoming 11th season during a press conference post-merger (as reported by Deadline). At this event, Cheeks initially hinted at the substantial financial losses “The Late Show” was facing annually, though he did not explicitly confirm the $40 million/year losses mentioned by others. Later, he delved into contractual aspects, stating:

1) “The Late Show” was incurring significant financial losses each year.
2) The specific amount of annual loss wasn’t precisely confirmed but approached $40 million as reported by others.
3) Cheeks then discussed the contractual issues related to the show’s termination.

During our production cycle, annually there’s a seasonal negotiation for writers and producers contracts. As Colbert’s third season falls within a three-year agreement, new terms needed to be discussed due to the change from September to August to September to May scheduling. Therefore, it was essential for me and us to communicate this shift in schedule to Stephen and his representatives clearly.

In simpler terms, discussions about late-night talk show hosts often revolve around contract negotiations. This is because these moments typically determine whether celebrities continue with their current job (like Jimmy Kimmel, who has stayed despite hinting at retirement) or move on to new opportunities (such as James Corden, who left The Late Late Show for a change).

It’s uncertain if Cheeks was hinting that all the backstage crew’s contracts at The Late Show were also up for renewal, or if their deals were contingent on Colbert’s situation. Regardless of the answer, a large number of people will find themselves unemployed when The Late Show wraps up filming in May 2026.

Celebrities Who Have Weighed In On Stephen Colbert’s Late Show Cancellation

  • SNL‘s Lorne Michaels talks two different kinds of late night audiences
  • Andy Cohen calls out CBS as “cooked”
  • Bowen Yang reflected on returning to SNL in the aftermath of Colbert’s cancellation
  • Bob Odenkirk shares why he’s not concerned about Colbert bouncing back
  • John Oliver on why the cancellation is “incredibly sad”

Despite the significant attention and discussions triggered by the unexpected late-night cancellation, it’s surprising to note that contract-related matters have scarcely come up in these conversations, considering their connection to budgetary problems and financial worries. Instead, the focus has been mostly on Colbert not generating the same level of viral video engagement on platforms like YouTube and social media as his competitors.

After a rebroadcast on Labor Day, The Late Show begins a series of fresh episodes starting Tuesday, September 2. The guest lineup includes John Oliver, Mark Ruffalo, America Ferrera, and others.

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2025-09-02 19:29