A Farewell to Late-Night’s Top Performer
In July 2025, CBS and Paramount made it official: The Late Show with Stephen Colbert will wrap in May 2026, ending an iconic eleven-season run.
CBS emphasized that the decision was “purely financial,” pointing to rising production costs and tightened budgets—not content or performance. And that checks out. The Late Show remained the highest-rated late-night program in its time slot, pulling in 2.4 million average viewers across 41 episodes during Q2 2025.
So why end it now?
MediaRadar’s latest data reveals a clearer picture.
A Decade of Decline
According to MediaRadar’s ad intelligence platform, total ad revenue for late-night fringe TV (M–Su, 11:00 p.m.–1:00 a.m.) hit $3.7 billion in 2024, down 24% from the $4.9B seen during the 2019 calendar year. From its premiere in 2015 through June 2025, Colbert’s show generated $1.7 billion in national TV ad revenue for CBS.
In other words: the audience may still be watching, but advertisers are pulling back as the broader linear TV format struggles.
Preliminary 2025 YTD Late Show Network TV insights
MediaRadar’s pulse on preliminary insights shows $53.5M captured with 5 industries driving 75% of the share of voice.
Leading advertisers spending over $1M through July included prescription medications, such as Wegovy, insurance companies, and travel services brand Booking.com.
Why Some Advertisers Kept Showing Up
Consistent Ratings:
Even in a fragmented media world, The Late Show delivered dependable reach for advertisers, dominating its time slot for most of its run.
Cultural Relevance:
Colbert’s razor-sharp satire and willingness to take on current events kept the show—and its ad inventory—at the center of national conversations.
Multi-Channel Momentum:
From political specials to spin-offs and cross-network content, Colbert created touchpoints for brands beyond the nightly show.
Colbert's Legacy Lives On
With just under a year left on the air, viewership is climbing again. The Wrap reported a surge in late-night ratings following the cancellation announcement—audiences are tuning in to see how it all ends.
At MediaRadar, we’re keeping a close eye on how marketers respond in real-time.
Want to See What’s Next?
MediaRadar’s ad intelligence gives you the edge to understand where advertisers are showing up and why. Whether you're planning, selling, or just curious about late-night’s next evolution, we’ve got the insights to keep you ahead.
