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Credit: CBS

One of the biggest TV stories of the summer revolved around CBS’ unexpected (to most) cancellation of its late night mainstay The Late Show with Stephen Colbert, citing financial issues as the biggest cause, while also pointing blame at Colbert’s lack of momentum on YouTube and social media.

Those excuses were debated publicly, with Jimmy Kimmel and more expressing disbelief that money troubles suddenly cropped up at the same time CBS boss Paramount was attempting to finalize its merger with Skydance Media.

Another significant cause was also in play that hasn’t been discussed as much.

George Cheeks, who ascended to Chair of TV Media as the merger was made official, addressed a key component that went into the network’s decision to end The Late Show after its upcoming 11th season.

Speaking a post-merger press conference (via Deadline), Cheeks first claimed that The Late Show was losing tens of millions of dollars a year, not quite confirming the $40 million/year losses that were reported by others.

He then talked out the contractual details, saying:

We were at a period from a production standpoint where every year seasonally, this is [when] we negotiate new deals for writers and producers. In addition, this is going to be the third season of Colbert’s three-year deal.

So, in order to do those deals, we were going to have to change the terms from what they traditionally are, September to August to September to May.

It was incumbent upon me and us to make it clear to Stephen and his reps that this is where we were.

To the head honcho’s point, conversations around late night talk show hosts almost always involve contract negotiations, since those do tend to be the points when celebs choose to stick with the gig (which Jimmy Kimmel has done despite stoking retirement flames years ago) or choose to shift over to greener pastures (which James Corden opted for when he vacated The Late Late Show).

It’s unclear whether Cheeks was implying that contracts for the entire crew working behind the scenes of The Late Show were also set for renegotiations, or if others’ deals were predicated on what happened with Colbert’s.

Whichever way it goes, a lot of people will be out of a job when The Late Show‘s final episodes are filmed in May 2026.

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

Given how many headlines and discussions the late night cancellation has sparked, I’m more than little shocked that contracts made up such a relatively small part of those conversations so far, especially since that’s inherently related to budget issues and financial concerns.

Instead, most of that has just pointed to Colbert not bringing the same kinds of next-day video clicks on YouTube and social media as his competitors.

Following a repeat episode on Labor Day, The Late Show kicks off a three-day run of new episodes on Tuesday, September 2, with guests including John Oliver, Mark Ruffalo, America Ferrera and more.