The announcement came days after Colbert spoke out against the $16 million settlement paid by CBS News parent Paramount to settle a lawsuit filed by Donald Trump.

CBS’ decision to cut ties with Stephen Colbert and its decades-old “Late Show” franchise come next May will leave a major hole in the format — but one that has been widening. TV networks have been cutting costs at their late-night mainstays for the past few years.

Stephen Colbert riffed Paramount Global’s $16 million settlement of Donald Trump’s lawsuit, calling the payment a “big fat bribe” and joking about the prospects that new owner Skydance will try pressure him to back off from humor directed at the president.

Stephen Colbert and Jon Stewart slammed Paramount for making a deal with Trump, serving notice they won't be silenced by their parent company.