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.

Colbert confirmed the cancellation during a show taping on Thursday. CBS said the move was "purely a financial decision against a challenging backdrop in late night."

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.

Trump denied the report. “I never wrote a picture in my life,” he told the newspaper. “I don’t draw pictures of women.” Trump later confirmed his plans to seek legal action against the newspaper; its parent company, News Corp.; and Rupert Murdoch, the organization’s head.

The cancellation from CBS comes in the aftermath of Colbert criticizing his parent company on-air for their $16 million settlement with Trump

In a move commenters described as having "Craig Ferguson vibes," Stephen Colbert and Joaquin Phoenix spent the last moments of their Late Show interview in awkward silence.

This isn't a joke. They've made that clear. CBS “Late Show” host Stephen Colbert condemned parent company Paramount Global's settlement of President Donald Trump's lawsuit over a “60 Minutes” story as a “big fat bribe” during his first show back from a vacation.