CBS to Retire The Late Show as Fox News’s Gutfeld! Dominates Late-Night Ratings

CBS has announced that The Late Show with Stephen Colbert will end in May 2026, marking the retirement of the network’s flagship late-night franchise. The decision comes amid a shifting television landscape and fierce competition from an unlikely ratings leader: Fox News’s Gutfeld!.

“This is the end of an era for CBS. Colbert isn’t being replaced — the show itself is going away.”
— Television industry insider

CBS Confirms Colbert’s Final Season

In a statement, CBS praised Colbert’s tenure while framing the decision as a financial one.

“We consider Stephen Colbert irreplaceable and will retire The Late Show franchise at that time. This 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.”
— CBS statement

Colbert addressed the news directly with his studio audience during Thursday’s taping in New York.

“Next year will be our last season. The network will be ending The Late Show in May. I’m not being replaced. This is all just going away.”
— Stephen Colbert, to his audience

He thanked CBS for the opportunity and expressed gratitude to viewers who had tuned in nightly since he took over from David Letterman in 2015.

Ratings Reality: Gutfeld! on Top

Second-quarter Nielsen data showed Gutfeld! averaging three million total viewers, including 365,000 in the key 25–54 demographic, putting it well ahead of its traditional network rivals.

Colbert’s Late Show came closest, drawing nearly 1.9 million viewers on average, with 280,000 in the same demographic. ABC’s Jimmy Kimmel Live! averaged 1.5 million viewers, while NBC’s Tonight Show Starring Jimmy Fallon trailed with about 1 million.

“When a Fox News late-night show beats the networks by that much, it changes the conversation about the format entirely.”
— Media ratings analyst

A Changing Late-Night Landscape

The success of Gutfeld! underscores a broader trend: traditional network late-night shows are losing ground to alternative formats and nontraditional hosts. While Colbert has consistently led among the “big three” late-night programs, the economics of broadcast TV have shifted.

“The audience for late-night is older, smaller, and more fragmented. Networks are asking if these shows still justify their budgets.”
— Former network programming executive

CBS’s Parting Words

In announcing the end of the show, CBS thanked Colbert and his team for their work.

“Our admiration, affection, and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult.”
— CBS statement

As Colbert prepares for his final season, the question for CBS — and late-night television as a whole — is what comes next in a space where viewing habits, revenue streams, and cultural relevance are all in flux.

“Colbert was the last major personality CBS could build a brand around at that hour. After he’s gone, they may walk away from late-night entirely.”
— Television historian