While CBS said the decision was a financial one, many fans and critics, including political figures, have claimed the cancelation came due to political reasons. CBS’ parent company, Paramount, is in the midst of a proposed merger with Skydance, which requires approval from President Donald Trump, a longtime target of Colbert.

John Oliver has weighed in on CBS' cancellation of "The Late Show With Stephen Colbert," calling it "terrible news for the world of comedy."