Colbert skewers CBS, Paramount over decision to cancel 'Late Show'

Late night host Stephen Colbert tore into his own network and its parent company, Paramount Global, over a decision to end "The Late Show," a move CBS said last week is a financially necessary one but is sparking widespread criticism.

Colbert acknowledged his show’s cancellation late Monday, thanking friends and colleagues in the television business he said have reached out after the news was announced last week and saying the network made “one key mistake” when it decided to end his program: “They left me alive.”  

Colbert accused CBS of leaking financial figures to the press, alleging his show was losing upwards of $40 million a year as a justification for axing the "Late Show" franchise.  

Colbert quipped 40 million "is a big number."

"I could see us losing $24 million," he added. "But where could Paramount possibly have spent the other $16 million ... oh wait.”

The comedian was referring to a settlement Paramount agreed to pay President Trump earlier this month to quell a lawsuit the president filed against CBS over a "60 Minutes" interview with former vice president Kamala Harris last year.  

The settlement and Colbert’s cancellation come as Paramount is working to secure a multi-billion-dollar merger with fellow entertainment giant Skydance, a transaction that will need approval from Trump’s government regulators.  

Democrats and press freedom advocates have said Paramount’s recent moves are a clear capitulation to Trump’s executive power to serve its business interest, while Colbert himself called out the media conglomerate last week, saying it had paid the president a “big fat bribe.”  

Colbert on Monday noted Trump celebrated his cancellation in a Truth Social post, with the president writing he “loves” the fact the host got canceled and saying he has no talent.  

“How dare you sir,” Colbert responded. “Would an untalented man be able to compose the following satirical witticism: 'Go f--- yourself.'”  

Monday’s "Late Show" also featured brief cameos from Jimmy Fallon, Seth Meyers, Jon Oliver and Jon Stewart, who earlier on Monday evening defended Colbert on his Comedy Central program.

Comedy Central is also owned by Paramount.

Stewart declared for his audience on Monday: “I’m not going anywhere ... I think.”