During a video appearance on CNN’s “New Year’s Eve Live” with Andy Cohen and Anderson Cooper, Colbert was asked what major lesson he learned in 2025. The year was a difficult one for the late-night host, marked by CBS canceling The Late Show.
“So much has happened in the last year of your life,” Cohen said, referencing the show’s cancellation. “What is the major lesson you learned?”
Colbert didn’t hesitate.
“Don’t trust billionaires,” he replied, laughing. “They don’t get rich by finding that money on the side of the road, brother!”
CBS announced in July that The Late Show would end in May 2026. Network executives said the decision was “purely a financial decision” due to challenges in late-night television. However, many people in the entertainment industry believe politics played a role.
The cancellation came as Skydance Media, led by David Ellison, was in the process of acquiring Paramount Global, CBS’s parent company. Ellison has been linked to efforts to move the company in a direction more friendly to former President Donald Trump, who Colbert frequently criticized on his show.
Just days before the cancellation was announced, Colbert slammed Paramount for paying $16 million to settle a lawsuit with Trump over a “60 Minutes” interview with Kamala Harris.
“As someone who has always been a proud employee of this network, I’m offended,” Colbert said on-air at the time. “I don’t know if anything will ever repair my trust in this company.”
David Letterman, who created The Late Show and hosted it for more than two decades, publicly defended Colbert. He called CBS’s decision “pure cowardice” and suggested it was driven by fear of political pressure, not finances.
In a November cover story with GQ, Colbert said it was reasonable for people to believe politics played a role in the show’s sudden end.
“CBS or the parent corporation decided to cut a $16 million check to the president of the United States over a lawsuit their own lawyers said had no merit,” Colbert said. “It’s hard to see why anyone would do that other than to curry favor with a single individual.”
Still, Colbert made clear he isn’t interested in speculating further.
“My side of the street is clean,” he said. “People can have their theories. I have my feelings about not doing the show anymore, but engaging in that speculation isn’t fruitful for me.”
The Late Show will officially sign off the air in May, closing a long chapter in late-night television and ending Colbert’s run as one of its most outspoken voices.
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