Why did CBS cancel The Late Show?

CBS canceled The Late Show with Stephen Colbert last year. The program’s end came after nearly 11 years on air, with the finale airing May 21. In the coverage provided, CBS framed the move as an “agonizing decision” and said it was “not related” to performance. The cancellation meant Colbert’s Thursday-night episode would serve as the show’s final sendoff, with multiple farewell segments and surprise guest cameos built around the wrap.