The network and Paramount stated that the decision to end the long-running franchise was purely financial, not related to the show's performance or content.
Stephen Colbert confirmed the news to his live audience, explaining that the show would conclude rather than him being replaced.
Fellow late-night host Jimmy Kimmel publicly defended Colbert, criticising CBS for their decision.
Despite the cancellation, The Late Show currently leads its time slot in ratings, having gained viewers this year with approximately 2.417 million viewers.