Colbert, 61, announced the news during the Thursday, July 17, episode taping of his late night show, saying, “Before we start the show I want to let you know something that I found out just last night. Next year will be our last season, the network [CBS] will be ending The Late Show in May.”

In a shocking turn of events, CBS canceled The Late Show with Stephen Colbert, and the reasoning behind the decision is more confusing than ever.

CBS, in announcing the cancellation of "The Late Show with Stephen Colbert," has called the move a "purely financial decision."