(TNS) — Sad news for fans of comedian and talk-show host Stephen Colbert.

CBS announced on Thursday it plans to cancel “The Late Show with Stephen Colbert.”

The network, which has had late-night programming since David Letterman started doing “The Late Show” in 1993, called the cancelation a “financial decision,” according to Variety.

“We consider Stephen Colbert irreplaceable and will retire ‘The Late Show’ franchise” in May of 2026,” CBS executives said in a statement. “We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television. This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount.

“Our admiration, affection, and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult. Stephen has taken CBS late night by storm with cutting-edge comedy, a must-watch monologue and interviews with leaders in entertainment, politics, news and newsmakers across all areas. The show has been No. 1 in late night for nine straight seasons; Stephen’s comedy resonates daily across digital and social media; and the broadcast is a staple of the nation’s zeitgeist.

“The accomplishments of The Late Show With Stephen Colbert are memorable and significant in performance, quality and stature,” the statement concluded. “With much gratitude, we look forward to honoring Stephen and celebrating the show over the next 10 months alongside its millions of fans and viewers.”

Colbert himself addressed the sad news to his live audience during today’s taping.

“Next year will be our last season. The network will be ending The Late Show in May,” Colbert said, which drew boos from the audience.

“Yeah, I share your feelings,” he said to the audience. “It’s not just the end of our show but it’s the end of ‘The Late Show’ on CBS. I’m not being replaced. This is all just going away. I do want to say that the folks at CBS have been great partners. I’m so grateful to the Tiffany network for giving me this chair and this beautiful theater to call home. And of course I’m grateful to you, the audience, who have joined us.”

Colbert then went on to thank all those who have worked on the show and everyone who watched it.

“We get to do this show for each other every day all day. And I’ve had the pleasure and the responsibility of sharing what we do every day with you in front of this camera for the last ten years,” he said. “And let me tell you it is a fantastic job. I wish someone else was getting it. And it’s a job that I’m looking forward to doing with this usual gang of idiots for another ten months.”

Despite CBS’s insistence that the decision was purely a financial one, some people online questioned the network’s motivations. One of them was Sen. Adam Schiff, D-Calif., who was the guest on today’s episode.

“Just finished taping with Stephen Colbert who announced his show was cancelled,” Schiff said in a post on X. “If Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better.”

“Looks like @CBS is letting Donald get his revenge on Stephen Colbert by axing #TheLateShow as part of their shameful capitulation,” another user quipped on X.

Variety, however, notes that some media companies have grown leery of funding late-night talk shows as younger viewers have taken more and more to watching the programs later online.