Colbert, CBS And The End Of Broadcasting TV

“The war’s over, man. Wormer dropped the big one.”

– Otter from Animal House

I haven’t written a whole lot of columns about the cancellation of a TV show (missed the boat on Tiny Chef), but with the decision by Paramount Global – CBS’s owner – to shut down The Late Show with Stephen Colbert it’s clear we aren’t in TV Kansas anymore. Life in broadcasting won’t ever be the same. How many more bombs will drop and how quickly?

Financial vs. Political Motives

CBS’s public pronouncement of the 2026 cancellation claimed that “[t]his is purely a financial decision against a challenging backdrop in late night…It is not related in any way to the show’s performance, content or other matters happening at Paramount.” The immediate social media response suggested many aren’t buying this and see the small hands of the Trump Administration all over this.

I get the conspiracy theories. Seeking to get government approval of the Skydance Media-Paramount deal, the company just paid President Trump to settle his widely-recognized-as-baseless lawsuit against 60 Minutes. There has been a massive talent churn at the top of CBS News. Colbert has relentlessly mocked Trump since his emergence on the national scene and specifically related to the 60 Minutes settlement. And this turmoil even threatens the future of 60 Minutes, a franchise that spent years as the most-watched TV program in the country – including every sports and entertainment broadcast.

But for CBS and the broadcast business, whether the Colbert motives were financial or political, I’m not sure in the end it matters too much. With James Corden and Taylor Tomlinson previously heading out the door ahead of Colbert, CBS has now stunningly and completely withdrawn from its successful 30-year run in late-night TV. This is an existential moment about what a broadcast network is anymore.

Betrayal of a Proud History

It’s worth remembering for context what CBS has historically meant as an iconic American media institution. In his video announcement of CBS’s decision, Colbert referred to CBS as the “Tiffany network” and this actually meant something at one time. CBS News was the gold standard for electronic journalism for decades dating back to Edward R. Murrow radio broadcasts during the London blitz in World War II.

Murrow’s historic contribution to the downfall of McCarthyism in the 1950s has been featured just this season on Broadway in the George Clooney vehicle Good Night and Good Luck. In the new Superman, there’s a journalistic Easter egg when Superman sits down with Lois Lane for an interview and says: “Fire away Cronkite,” a reference to the revered anchor Walter Cronkite. When Cronkite witnessed firsthand the senseless carnage in Vietnam and turned against that war, President Lyndon Johnson famously said: “If I’ve lost Cronkite, I’ve lost middle America.”

And in entertainment, there is an equally extensive list of programming that has moved millions and changed culture. I Love Lucy in the 1950s made Lucille Ball the biggest star in TV and broke ground – if reluctantly – by showing a pregnant Ball on camera. Ed Sullivan – whose name adorns the studio where The Late Show tape – effectively created the TV variety show format on CBS. Carol Burnett perfected the formula with her own decades-long run. With Norman Lear in the 1970s, CBS completely reinvented what a situation comedy could be with shows such as All in the Family, M*A*S*H and The Mary Tyler Moore Show. The 1980s saw shows such as Dallas and Murphy Brown leading the water cooler conversation. Survivor in the 2000s heralded an entirely new era of reality programming. The flood of programming from Chuck Lorre such as Two and Half Men and The Big Bang Theory kept the sitcom alive well past its sell-thru date.

I know it sounds like a nostalgia tsunami. But most of the news and entertainment franchises noted here weren’t locks at their start – just like Colbert. It took creativity and risk to forge the CBS path. It’s the exact opposite of the recent decisions culminating with the termination of the Colbert show. And the trendlines are all one way. Cutting for cutting sake – no matter why – is hardly a path to growth or ultimately even survival. “Abandon hope all ye who enter here” is not exactly a winning message for employees, creative artists, marketers, or investors who work with CBS every day.

On to Netflix?

For Colbert, it is a shock, but I wouldn’t shed too many tears. Like Howard Stern he might well find greener pastures beyond legacy media. I would bet that Netflix CEO Ted Sarandos has already opened the door to another potentially game-changing opportunity for Colbert to further boost its ad-supported streaming business alongside live sports like the NFL and boxing. And in the meantime, there’s nothing like a farewell tour to boost attention and revenues.