New York, New York - Stephen Colbert's The Late Show, long a staple of late-night television, will come to an end in 2026, the comedian and network CBS said on Thursday.

"Next year will be our last season," the host announced on The Late Show with Stephen Colbert to boos and shouts of disbelief. "The network will be ending the show in May (2026)."

CBS called the cancellation "purely a financial decision against a challenging backdrop in late night," and said in a statement the move was "not related in any way to the show's performance, content or other matters happening at (parent company) Paramount."

Paramount, CBS' parent company, reached a $16-million settlement with President Donald Trump this month in a lawsuit the entertainment giant described as meritless.

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The company is seeking to close its $8 billion merger with the entertainment company Skydance, which needs federal government approval.

Trump had sued Paramount for $20 billion, alleging that CBS News' 60 Minutes program deceptively edited an interview with his 2024 election rival, Kamala Harris, in her favor.

Colbert, an outspoken critic of Trump, described the settlement as "a big fat bribe" on his show this week. He said on Thursday the cancellation was not just the end of his show but the end of The Late Show franchise on CBS.

"I'm not being replaced. This is all just going away," he said.

Trump's political opponents and other critics drew attention to the timing of the decision.

"CBS canceled Colbert's show just THREE DAYS after Colbert called out CBS parent company Paramount for its $16M settlement with Trump – a deal that looks like bribery," Democratic Senator Elizabeth Warren said on social media platform X.

"America deserves to know if his show was canceled for political reasons," Warren said.

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Democratic Senator Adam Schiff, who was on Colbert's show the night he announced it would be ending, said: "If Paramount and CBS ended the 'Late Show' for political reasons, the public deserves to know. And deserves better."

CBS said in its Thursday statement it was "proud that Stephen called CBS home."

"He and the broadcast will be remembered in the pantheon of greats that graced late night television," its statement said.