In a statement on Thursday, the network said the late-night talk show was being canceled for financial reasons. Those reasons are associated with Paramount's proposed merger with Skydance Media, which requires Federal Communications Commission (FCC) approval under the Trump administration. Paramount is the parent company of CBS.

President Trump is celebrating the cancellation of Stephen Colbert's 'The Late Show' on CBS — and calling for even more late-night hosts to lose their jobs.