The state of late-night TV is keeping media executives from sleeping well. CBS’ decision to cut ties with Stephen Colbert and its decades-old “Late Show” franchise come next May will leave a major hole in the format — but one that has been widening.

President Donald Trump was gleeful over Stephen Colbert's cancellation, saying his "talent was even less than his ratings" on Truth Social.

Colbert followed “The Daily Show” host Jon Stewart’s attack of the deal one week earlier. Stewart works for Comedy Central, also owned by Paramount, making the two comics the most visible internal critics of the $16 million settlement that was announced on July 1.

Stephen Colbert and Jon Stewart slammed Paramount for making a deal with Trump, serving notice they won't be silenced by their parent company.