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...

Colbert brought up Trump’s Truth Social post, saying, “I absolutely love that Colbert got fired. His talent was even less than his ratings.”