On today’s episode of Radio Andy’s “Andy Cohen Live,” Andy Cohen and co-host John Hill talked about the surprising news that CBS cancelled “The Late Show with Stephen Colbert.”

“I think it is possible that it’s losing money,” Andy said when asked if he believed CBS was losing $40 million a year on the show, “and typically what would happen if a show is losing money that is also super important to the network — which that show and the late-night time slot have been important to CBS for the last 25 years since Letterman began it on CBS at the Ed Sullivan Theater in like the mid-90s — what they would probably do is say, ‘Listen, Stephen, your show is losing X amount of money a year. There’s two things we could do. We could cut the budget in half, maybe move out of the Ed Sullivan Theater, do the show in a small studio that we already own,’ because CBS has a lot of studio space … ‘Cut down on staff. You have 200 people working here. We need it to be 100 people or 60. And instead of you doing your show five days a week, we’re gonna do your show four days a week, and you’re gonna gonna pre-tape your Thursday show, so you’re actually gonna be in production three days a week.’”

He added, “That’s a way right there to cut the budget at least in half.”

“You don’t jump straight to canceling,” John said, and Andy agreed it was strange the network seemed to have blindsided Colbert with the cancellation decision.

When John asked if the timing of the announcement seemed strange, Andy said, “Or they would say, ‘Stephen, by the end of the year, we need to make these cuts, and we’ll give you another year, but we want to give you another year or two with all these cuts, and then we’re gonna see. We’re gonna cut our losses, and if you wind up losing X amount,’ whatever.”

He continued, “Instead, they’re turning the lights out completely at 11:30, which says to me, it’s like CBS is just cooked. I mean, it’s just — it is cooked. They are saying, ‘We are done.’”

The numbers are staggering.
$40 million in annual losses.
One of the most recognizable names in late-night.
And now — an uncertain future.

As CBS reportedly prepares to shut down The Late Show with Stephen Colbert, media insiders and industry veterans — including Andy Cohen — are pushing back against the narrative that it’s all just about money.

“There’s more to this story,” Cohen said during a SiriusXM interview this week. “And if the only solution CBS saw was cancellation, then maybe the real issue isn’t the show — it’s the network.”

A Late-Night Legacy at Risk

Since David Letterman passed the torch to Stephen Colbert in 2015, The Late Show has been a cultural staple. It reinvented itself post-Trump, defined a new tone for political satire, and routinely topped ratings in the 11:30pm slot.

So why would CBS pull the plug now?

“They say $40 million in losses,” Cohen continued. “But what’s that figure relative to the brand value? The ad revenue ecosystem? The halo effect it brings to the entire CBS lineup?”

He’s not alone in asking.

Are There Really No Other Options?

Insiders close to the show say discussions about cost-cutting had been circulating for months. Ideas reportedly included:

Reducing taping from five nights to three

Downsizing the writing and production staff

Sharing studio space with other CBS programming

Shifting toward digital-first formatting for certain segments

None of those changes were implemented.

Instead, the announcement came suddenly — prompting speculation that CBS was less interested in saving the show, and more intent on exiting the genre altogether.

The Timing Feels Off

Cohen also questioned the optics and timing of the decision.

“Networks don’t normally announce a shutdown in the middle of a ratings climb,” he said, referencing Colbert’s recent rebound following a format refresh in early 2025.

“This isn’t just a budget move. It’s a brand decision. And it sends a message — maybe not the one they think.”

Some point to behind-the-scenes shifts at Paramount Global, CBS’s parent company, which has faced pressure to streamline content across platforms and pivot toward streaming-first investments.

Colbert’s $30 million annual salary — along with the show’s union-heavy staffing model — made it a high-profile target.

Final Thought: When the Math Doesn’t Match the Moment

Yes, The Late Show costs money.
Yes, the late-night model is evolving.
But canceling a show built on loyalty, longevity, and influence — without first exhausting alternatives — raises a question:

What does CBS want its future to look like?

Because if Stephen Colbert no longer fits…
Then maybe it’s not just a late-night problem.

It’s a network identity crisis.