A new report from Puck's Matt Belloni is shedding light on the finances that led to CBS' bombshell cancellation of "The Late Show with Stephen Colbert."

CBS said it is canceling “The Late Show With Stephen Colbert” at the end of the upcoming television season in May, a casualty of industry changes that have dealt a crippling blow to advertising revenue.

The network said the show would end in May, when host Stephen Colbert’s current contract expires. Colbert announced the news to the audience attending the taping for Thursday night’s show and posted the message on social media.

CBS could not figure out a path to profitability in an entertainment world increasingly dominated by streaming.

"The Late Show with Stephen Colbert," a staple of late-night US television, will end in 2026, the CBS network said, days after the comedian blasted parent company Paramount's $16 million settlement with President Donald Trump as "a big fat bribe.