CBS' shock announcement sparked speculation over whether there was a political motive for the program's cancellation.

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

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.