Oliver, Stewart mourn CBS cancellation of Colbert

Jon Stewart and Jon Oliver, two of the biggest names in current events-focused comedy, expressed dismay at the decision by CBS to cancel "The Late Show With Stephen Colbert."

"It's terrible, terrible news for the world of comedy," Oliver said during a recent event in Erie, Pa., adding that he is "partly excited to see" what Colbert and the show's staff "do over the next 10 months."

CBS announced last week it was canceling Colbert's show, calling the move a "financial" decision and saying the "Late Show" would conclude at the end of its current broadcast season.

The news came just days after CBS's parent company, Paramount Global, agreed to pay $16 million to settle a lawsuit brought by President Trump over a "60 Minutes" interview with former Vice President Kamala Harris.

Colbert has for years been sharply critical of Trump, often mocking the president and his allies.

During a recent podcast episode, Stewart, a prominent Trump critic, was asked if he was worried about his future at Comedy Central, which Paramount also owns.

"I'd like to think we bring enough value to the property," he said. "Like if they're looking at it as purely a real estate transaction. But I don't know. They may sell the whole f‑‑‑ing place for parts."

Paramount is trying to secure a mega-merger with fellow entertainment giant Skydance, a multi-billion dollar deal that will need approval from Trump administration regulators to clear.

The president has repeatedly railed against major media companies with news divisions he feels do not cover him fairly, and top officials at the Federal Communications Commission have suggested certain outlets face federal investigation.