President Donald Trump reacted gleefully on social media to news that CBS had canceled “The Late Show with Stephen Colbert."

"Next year will be our last season,” the late-night talk show host announced Thursday, July 17. "The network will be ending 'The Late Show’ next May."

A new report from Puck's Matt Belloni is shedding light on the finances that led to CBS' bombshell cancellation of "The Late Show with Stephen Colbert."

CBS could not figure out a path to profitability in an entertainment world increasingly dominated by streaming.

Comedian Stephen Colbert hosted the satirical ‘The Colbert Report’ before taking over ‘The Late Show’ in 2015. Read about his shows, wife, net worth, and more.

Colbert’s cancellation came days after he mocked Paramount, which owns CBS, for its $16 million settlement with Trump in a lawsuit many considered meritless. That settlement comes as Paramount attempts a merger with Skydance Media, which requires FCC approval to proceed.

The Writers Guild of America East and West called on New York Attorney General Letitia James to launch an investigation Friday into why CBS canceled “The Late Show with Stephen Colbert,” accusing the network’s parent company of offering a “bribe” to the Trump administration.