The state of late-night TV is keeping media executives from sleeping well. CBS’ decision to cut ties with Stephen Colbert and its decades-old “Late Show” franchise come next May will leave a major hole in the format — but one that has been widening.

In a shocking move, CBS is ending “The Late Show with Stephen Colbert” next year, and apparently exiting the late-night television business altogether. The network, citing financial pressures,

President Donald Trump was gleeful over Stephen Colbert's cancellation, saying his "talent was even less than his ratings" on Truth Social.

CBS’ cancelation of its long-running The Late Show franchise, hosted by Stephen Colbert for the last decade, has left not only the public heartbroken and outraged, but Hollywood as well. Colbert, 61, who’s fronted the talk show since taking over from David Letterman in 2015, shared the network’s decision during Thursday’s broadcast.