"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."

Liberal celebrities and politicians mourned the cancellation of "The Late Show with Stephen Colbert" as CBS claims the decision is purely financial and unrelated to the show's content.

President Donald Trump is gloating over CBS’s decision to cancel The Late Show. The abrupt cancellation, which blindsided its host, Stephen Colbert, has been described as a win for Trump, who has been the most frequent subject of the show’s late-night jokes and criticism in recent years.

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.

CBS Mornings' hosts reacted with sadness and surprise to the cancellation of 'The Late Show with Stephen Colbert' that was announced Thursday.

This is all just going away,” host Stephen Colbert said while taping his Thursday show.