Colbert’s Exit Signals the End of Late Night as a Broadcast Powerhouse
CBS dropped a media bombshell on Thursday by announcing that The Late Show with Stephen Colbert will end in May 2026. With it, the network will also retire The Late Show franchise entirely. CBS emphasized that this was “purely a financial decision” and “not related in any way to the show’s performance, content or other matters happening at Paramount,” the network’s parent company.
However, as Eleanor Semeraro outlines in The Measure, the data tells a more complicated story. It is one that marketers and media strategists need to study closely.
“True motives aside, there’s no denying that Colbert has been a powerhouse not just for CBS, but across the late-night landscape as whole,” Semeraro writes.
An analysis, by The Measure, using data from iSpot and Tubular Labs shows that Colbert’s value remains high, even as viewer habits evolve and networks look to cut costs.
Colbert Is Still a Top Performer
The Late Show is not just another late-night program. Over the past year, Colbert delivered the highest ad reach of any broadcast show in the late-night category. He also ranked No. 5 across all CBS programming for ad reach, right alongside the NFL and staples like The Price Is Right and Let’s Make a Deal.
Semeraro adds that “Colbert ranks No. 27 for ad reach across all broadcast programming… with an ad impressions share-of-voice of 0.73 percent.”
Despite the decline in live TV viewership, Colbert continues to deliver the kind of audience scale that advertisers crave.
Still Generating Significant Revenue
Even in a cooling late-night ad market, Colbert remains a revenue generator. The show has brought in an estimated $32.2 million in national ad spending so far in 2025. That puts it at No. 16 among all CBS programs, according to iSpot. While Jimmy Kimmel and Jimmy Fallon bring in more, Colbert’s numbers are still strong.
This reflects the continued value of flagship programming, even in a fragmented media environment.
The Real Value Lives Online
While linear TV remains part of the picture, Colbert’s digital presence reveals where the industry is really headed. Tubular Labs found that late-night shows collectively earn more than 100 million minutes watched per month on YouTube in the U.S. In June 2025, Colbert alone crossed 200 million minutes watched, marking his highest month of the year. The spike was driven largely by content focused on Donald Trump.
These are not passive clips. They are cultural events that shape conversation across platforms. As Semeraro notes, late night has shifted from celebrity-driven stunts to monologue and full-segment clips that work across YouTube and social media. This is the future of TV and one that marketers must understand.
What Marketers Can Learn
For marketers, this move is not just about CBS or Colbert. It is about recognizing how even highly successful shows can be deemed expendable in a broken business model. CBS called Colbert “irreplaceable,” and that is true. But what is even harder to replicate is the bridge he built between television, digital, and cultural relevance.
We are witnessing the end of an era in broadcast, not the end of late-night’s impact. Marketers must adapt to an environment where digital-first storytelling, multi-platform distribution, and shifting audience behavior are no longer optional. They are core to brand strategy and audience connection.
