FCC endorses $8 billion Paramount-Skydance union, following Trump settlement, and Colbert program termination.
CBS Cancels "The Late Show with Stephen Colbert," Paramount-Skydance Merger Approved
In a surprising turn of events, CBS has announced the cancellation of "The Late Show with Stephen Colbert," effective from May next year. The decision was confirmed by the late-night host himself during Thursday's taping, sharing a clip on social media.
Stephen Colbert, who has been hosting the show since 2014, expressed his gratitude towards CBS for giving him the hosting gig and the theater to call home. He also thanked the audience for joining them every night.
The cancellation is an independent decision and not related to Colbert being replaced. The reasons behind the cancellation are yet to be disclosed.
Meanwhile, the Federal Communications Commission (FCC) has approved Skydance's purchase of CBS for $8 billion. This acquisition transfers FCC licenses for the involved media assets to Skydance. The merger involves Skydance acquiring Paramount Global and its subsidiaries.
However, there is no verified information available about a potential connection between this merger and a recent settlement with President Donald Trump. The settlement, worth $16 million, was announced shortly before the cancellation of "The Late Show with Stephen Colbert." The settlement does not involve an apology from Paramount.
Brendan Carr, FCC chairman, announced the approval on social media on Thursday evening. The announcement comes after Skydance made significant commitments to address bias, restore fact-based reporting, end discriminatory DEI practices, and invest in local news.
The ongoing legal dispute between Trump and CBS is also unaffected by these developments.
As for the lawsuit regarding the editing of CBS' "60 Minutes" interview with Kamala Harris in October, no updates have been provided. We will continue to monitor the situation and bring you updates as they become available.
[1] Source: FCC Approval Record of the Paramount-Skydance Merger (Accessed July 24, 2025)
In the aftermath of CBS' cancellation of "The Late Show with Stephen Colbert," there might be speculations about the show's future in the entertainment industry. Meanwhile, the Paramount-Skydance merger, approved by the FCC, signifies a significant shift in the finance sector of the business world, including the entertainment business.
