CBS, in announcing the cancellation of “The Late Show,” said it was “purely a financial decision,” and the show’s axing follows years-long slide in the economics of late-night TV.

CBS, citing economic issues, announced that his program would go off the air next May, news that came at a time when its corporate parent, Paramount, needs the government’s approval for a merger with...

In a statement, the CBS executives George Cheeks, Amy Reisenbach, and David Stapf insisted that the cancellation was “purely a financial decision” and—protesting so much—“not related in any way to th...