Stephen Colbert slammed Paramount's $16 million settlement with Donald Trump just three days before 'The Late Show' was canceled. The network attributed its decision to financial restraints, unrelated

CBS is canceling “The Late Show With Stephen Colbert” next May, shuttering a decades-old TV institution and removing from air one of President Donald Trump's most prominent late-night critics.

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.