“Before we start the show, I want to let you know something that I found out just last night. Next year will be our last season. The network will be ending the ‘Late Show’ in May,” Colbert said in the clip, as the audience booed. “And, yeah, I share your feelings. It’s not just the end of our show, but it’s the end of ‘The Late Show’ on CBS.”

"This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show's performance, content or other matters happening at Paramount," the network said in a statement.

"Next year will be our last season,” the late-night talk show host announced Thursday, July 17. "The network will be ending 'The Late Show’ next May."