‘The Late Show With Stephen Colbert’ Is Off-Air, What’s Next For CBS?

BusinessMedia‘The Late Show With Stephen Colbert’ Is Off-Air, What’s Next For CBS?BySabrina Reed,Contributor.Forbes contributors publish independent expert analyses and insights. Sabrina Reed is a journalist who covers Hollywood and the TV industry.Follow AuthorMay 22, 2026, 03:33pm EDTNEW YORK - MAY 21: Stephen Colbert on the CBS series The Late Show with Stephen Colbert, scheduled to air on the CBS Television Network. (Photo by Scott Kowalchyk/CBS via Getty Images)CBS via Getty ImagesCBS is out of the late night business now that The Late Show with Stephen Colbert has ended. But George Cheeks, Paramount’s Chair of TV Media, isn’t willing to put the final nail in the coffin just yet. The exec is holding out hope for the format continuing to have a life at the network with original programming. For now, slated to take over the vacated slot is Comics Unleashed with Byron Allen. But his show’s positioning on CBS is unique. While Allen is holding down the late night format for the network, he’s doing so out of his own pocket.The comedian and media mogul, who recently purchased a controlling stake in BuzzFeed and had put in a bid for Paramount prior to its sell to Skydance, has leased the time block. It’s a one-season contract that has the potential for a renewal if it proves advantageous for CBS. When it comes to the broadcaster’s finances, it already is.NEW YORK - JUNE 25: The Late Show with Stephen Colbert during Wednesday's June 25, 2025 show. (Photo by Scott Kowalchyk/CBS via Getty Images)CBS via Getty ImagesWhy ‘The Late Show With Stephen Colbert’ Was CanceledThe cancellation of The Late Show with Stephen Colbert has been a topic of both societal and governmental discussion since the news broke in July 2025 just days after Stephen Colbert had said Paramount’s $16 million settlement with President Trump over former Vice President Kamala Harris’ 60 Minutes interview was a “big fat bribe.”MORE FOR YOUAt the time, congressional Democrats pushed for answers from S...