A major shift is unfolding in America’s late-night television landscape, as CBS prepares to bid farewell to The Late Show with Stephen Colbert, Fox News’ rival program Gutfeld! surges ahead, leading the second-quarter ratings, an old icon fades while a once-underestimated name rises spectacularly

“Gutfeld!” dominates ratings as CBS officially axes “The Late Show” — Colbert’s era ends, a new contender rises

As CBS prepares to retire its The Late Show franchise, Fox News’s late-night television show Gutfeld! recorded dominating second-quarter ratings.

On Thursday, CBS, whose parent company is Paramount Global, announced that The Late Show with Stephen Colbert will end in May 2026, citing a “challenging backdrop in late night” television.

“We consider Stephen Colbert irreplaceable and will retire The Late Show franchise at that time. We are proud that Stephen called CBS home,” the network said. “He and the broadcast will be remembered in the pantheon of greats that graced late-night television.”

“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 added.

The year’s second-quarter ratings showed Fox News’s Gutfeld! dominating late-night television with an average of three million viewers. Gutfeld!, hosted by Greg Gutfeld, also garnered 365,000 viewers in the key demographic of 25-54 years of age.

The Late Show with Stephen Colbert came closest to Gutfeld!’s viewership among the late-night television shows, averaging nearly 1.9 million total viewers, with 280,000 viewers among the key 25-54 age demographic.

ABC’s Jimmy Kimmel Live! averaged 1.5 million total viewers, and NBC’s Tonight Show drew 1 million viewers on average.

Stephen Colbert shared the news with his studio audience during Thursday’s taping of the show in New York.

“Before we start the show, I want to let you know something I found out just last night,” Colbert said. “Next year will be our last season. The network will be ending The Late Show in May.”

“It’s not just the end of our show, but it’s the end of The Late Show on CBS. I’m not being replaced. This is all just going away,” he continued. “The folks at CBS have been great partners. I’m so grateful to the Tiffany Network for giving me this chair and this beautiful theater to call home. And of course I’m grateful to you, the audience, who have joined us every night.”

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In announcing the show’s end, CBS thanked Colbert and his show’s “incredible” team: “Our admiration, affection, and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult.”

Colbert took over hosting The Late Show for David Letterman in 2015.