Key Points

Fallon, who hosts 'The Tonight Show,' took to his Instagram Stories to share his thoughts. Clearly moved, Fallon admitted he was "just as shocked as everyone" to hear the news. He went on to speak about their long friendship, calling Colbert "one of the sharpest, funniest hosts to ever do it."

"I'm just as shocked as everyone. Stephen is one of the sharpest, funniest hosts to ever do it. I really thought I'd ride this out with him for years to come. I'm sad that my family and friends will need a new show to watch every night at 11:30. But honestly, he's really been a gentleman and a true friend over the years -- going back to The Colbert Report, and I'm sure whatever he does next will be just as brilliant," read his Instagram post.

Colbert made the announcement during the show's taping on Thursday, July 17, at the Ed Sullivan Theatre in New York.

Colbert, who took over the show in September 2015 after David Letterman retired, told the live audience that CBS had decided to end the program in May of next year. "Before we start the show, I want you to know something I found out just last night," Colbert said during his opening monologue. "Next year will be our last season. The network will be ending The Late Show in May." The audience responded with boos, to which Colbert replied, "It's not just the end of our show, but it's the end of The Late Show on CBS. I'm not being replaced."

As for the reasons behind the show's cancellation, CBS, in a statement, explained that the decision to end The Late Show was purely "financial."

"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 Late Show with Stephen Colbert' has been a top performer in late-night television, leading the ratings for nine straight seasons. The final episodes will air during the 2025-2026 TV season.

- ANI