Reports have been circulating online that Stephen Colbert has signed a blockbuster $13.5 million deal with Netflix for a seven-episode limited series. The supposed show was said to chronicle his rise through late-night television and reveal untold behind-the-scenes stories about his career. Social media posts amplified the rumor, claiming it would be an unfiltered look at Colbert’s battles with networks, his struggles off-camera, and defining moments that nearly ended his time in television. However, multiple outlets have since confirmed that the story is not accurate. No such deal has been announced, and the speculation is now widely viewed as a hoax that originated from unverified sources.

The false narrative gained traction after Colbert himself joked on The Late Show about being available for streaming work once his program ended. “Netflix, call me,” he quipped during a summer broadcast, just before his hiatus. That lighthearted remark became fuel for speculation, especially after CBS confirmed that The Late Show with Stephen Colbert would conclude next year. While Colbert has not ruled out future projects, neither Netflix nor his representatives have confirmed the existence of any agreement. The absence of credible reporting has left the story in the realm of rumor rather than fact.

The timing of the rumor was significant, as it coincided with reports from Politico and Bloomberg about Netflix co-founder Reed Hastings making a $2 million donation to California Governor Gavin Newsom’s redistricting efforts. This fueled conspiracy theories linking Colbert’s alleged deal to politics and streaming industry maneuvering. Posts on social media, particularly X, garnered massive engagement, with one claim surpassing a million views in a matter of days. Despite a context note clarifying that there was no evidence of such a deal, the rumor took on a life of its own. It demonstrated how quickly unverified claims can influence public perception and even spark political backlash, with some accounts calling for boycotts of Netflix.

Meanwhile, the confirmed news is that The Late Show with Stephen Colbert will officially end in May 2026. During a July episode, Colbert addressed the audience, acknowledging not only the end of his program but also the entire CBS late-night franchise. “It’s not just the end of our show, but it’s the end of The Late Show on CBS,” he explained. Colbert emphasized that he was not being replaced, but rather that the network was shutting down the program altogether. CBS later released a statement praising Colbert as “irreplaceable” and affirming that the decision was strictly financial, tied to broader challenges in late-night television and Paramount’s pending merger with Skydance Media.

The financial strain on Paramount has been well-documented. The company is seeking FCC approval for its $8 billion merger with Skydance, a move that has influenced nearly every department’s budget. According to CBS, Colbert’s cancellation had nothing to do with ratings or creative issues. Instead, it was attributed to cost-cutting measures in anticipation of the merger. Still, the announcement raised eyebrows because it came just days after Colbert criticized Paramount for its $16 million settlement with Donald Trump, related to a disputed 60 Minutes interview with then-Vice President Kamala Harris. That coincidence has fueled questions about whether politics played a role in the timing.

The reaction to the cancellation has been intense. President Trump celebrated the decision on his Truth Social platform, mocking Colbert’s ratings and comparing him unfavorably to other late-night hosts. In contrast, several Democratic lawmakers defended Colbert, questioning whether his outspoken criticism of Paramount had influenced the network’s choice. Senator Elizabeth Warren even suggested that the cancellation might be linked to political motivations, urging the public to scrutinize the situation more closely. Fellow comedians and late-night hosts also weighed in, with Jon Stewart lamenting the decline of late-night as a viable model and Andy Cohen arguing that CBS could have opted to scale back production costs rather than eliminating the show entirely.

Looking forward, Colbert has not yet announced his next move, though speculation about his future continues. While the Netflix rumor has been debunked, many expect that a figure of his stature will not remain off-screen for long. Whether he chooses another talk show format, a streaming project, or something entirely new, Colbert remains a household name with an audience eager to follow him. For now, what is certain is that The Late Show will run its course until May 2026, after which Colbert’s next chapter—whatever it may be—will begin outside the Ed Sullivan Theater.