After 11 years on air, Stephen Colbert is preparing to say goodbye. CBS will air the final episode of “The Late Show with Stephen Colbert” on Thursday, May 21, 2026. This marks the end of late-night programming on the network entirely.
The time slot is not going away, however. Starting Friday, May 22, Byron Allen’s syndicated show “Comics Unleashed” will take over the 11:35 PM hour. The change represents a major shift in how CBS handles late-night television.
Why CBS Decided to End ‘The Late Show’
The network has repeatedly stated that the decision to cancel the show was financial. CBS described it as a “purely a financial decision against a challenging backdrop in late night.” Reports indicate the show was losing money, with losses reaching tens of millions of dollars.
David Letterman, who hosted “The Late Show” from 1993 to 2015, shared his honest opinion on the matter. During an April 2026 episode of The Barbara Gaines Show, Letterman said the network replaced Colbert’s program because “they don’t want to spend any money.” He explained that CBS can now charge Allen a fee for the airtime while Allen sells the advertising for his shows. Letterman called the new arrangement “a pretty good idea” but confirmed the motive was purely cost-cutting.
Colbert himself learned about the cancellation from his manager, James “Baby Doll” Dixon, in July 2025. He had just returned from vacation. When he told his wife the news, she guessed it immediately. “She goes, ‘What happened? You get canceled?’ I said, ‘Yes, I did,’” Colbert recalled.
Who Is Byron Allen
Byron Allen is a comedian, producer, and media owner. He started performing stand-up comedy as a teenager in Los Angeles. At just 18 years old, he made history as the youngest comedian ever to perform on The Tonight Show Starring Johnny Carson.
Today, Allen runs Allen Media Group, a billion-dollar company that owns The Weather Channel, TheGrio, and dozens of other television networks. He has spent decades building his media empire. When he heard that Colbert’s time slot was opening up, he publicly campaigned for the job.
“50 years, I’ve been waiting for this moment. Definitely, I’m going for it,” Allen said during New York’s Advertising Week in October 2025.
What ‘Comics Unleashed’ Actually Is
“Comics Unleashed” is a half-hour comedy talk show that Byron Allen created and hosts. The show first launched in 2006. It features a rotating group of comedians sitting around a table, telling jokes and talking about funny topics. Allen has described it as a platform for comedians “to do what we all love — make people laugh.”
The show stopped producing new episodes for several years, relying on reruns in syndication. However, it began producing new episodes again for the 2025-26 season. CBS will air two back-to-back episodes of “Comics Unleashed” every weeknight, filling the hour from 11:35 PM to 12:37 AM. Following that, another Allen-produced show, “Funny You Should Ask,” will air two episodes from 12:37 AM to 1:37 AM. That show is a comedy game show hosted by Jon Kelley.
“I truly appreciate CBS’ confidence in me by picking up our two-hour comedy block of ‘Comics Unleashed’ and ‘Funny You Should Ask,’ because the world can never have enough laughter.” — Byron Allen
The deal is a time-buy agreement for the 2026-27 season. Allen Media Group pays CBS for the airtime and keeps the advertising revenue.
Stephen Colbert’s Reaction to Byron Allen
Colbert has shown no hard feelings toward the man taking his old spot. In a recent interview with The Hollywood Reporter, Colbert revealed that he personally reached out to Allen after hearing the news. He sent a congratulatory message and even included a joke related to Allen’s history with Johnny Carson.
“God bless him. I know Byron,” Colbert said.
When asked how he felt about CBS replacing a traditional late-night show with a syndicated comedy block, Colbert kept his answer short. “It’s none of my business,” he said.
The Final Episodes and Star Guests
Colbert is filling his last weeks on air with major names. On Monday, May 11, he will host a reunion of the “Strike Force Five” podcast. Jimmy Fallon, Jimmy Kimmel, Seth Meyers, and John Oliver will all appear together on the show. On Thursday, May 14, David Letterman will return to the Ed Sullivan Theater as a guest. This marks only Letterman’s second appearance since passing the show to Colbert in 2015.
Tom Hanks will make his 18th and final appearance on the show on Wednesday, May 13. Julia Louis-Dreyfus, Pedro Pascal, Billy Crystal, and John Krasinski are also scheduled for the final week.
“I know who I am without this. I didn’t do any of this until I was 41.” — Stephen Colbert on leaving late-night television
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The Controversy Behind the Cancellation
The timing of the cancellation raised questions. Just days before CBS announced the show’s end in July 2025, Colbert criticized the network’s parent company, Paramount, for settling a lawsuit with President Donald Trump. The lawsuit claimed that “60 Minutes” deceptively edited an interview with former Vice President Kamala Harris. Paramount settled for $16 million.
Colbert called the settlement a “big fat bribe” on air. Days later, he learned his show was ending. The network has repeatedly denied any political connection. However, David Letterman openly accused CBS of lying about their reasons. “I’m just going to go on record as saying they’re lying. They’re lying weasels,” Letterman told The New York Times.
Colbert has taken a measured approach. “I do not dispute their rationale. I do make jokes about it,” he said. “But I also completely understand why people would say that doesn’t make sense to me and that seems fishy to me.”
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