View gallery Image Credit: CBS Stephen Colbert will no longer host The Late Show. Following the network's shocking $16 million settlement against Donald Trump, CBS announced that The Late Show with Stephen Colbert is ending next year. As fans of the late-night comedy show grapple with its imminent conclusion, many are wondering why the show was canceled. Below, Hollywood Life has a breakdown of why The Late Show with Stephen Colbert is ending. Was The Late Show With Stephen Colbert Canceled? Yes, CBS is canceling The Late Show franchise after more than three decades on the air.