Paramount Boss Weighs In on Colbert Cancellation & Why Late-Night Is a ‘Huge Problem’

Stephen Colbert

As president of the newly merged Paramount, which Skydance recently acquired, the former NBCUniversal CEO is now back in charge of a broadcast network, which means he oversees CBS and its programming and scheduling.

Speaking with Deadline at a Los Angeles press event on Wednesday (August 13), Shell opened up about his plans for CBS, including his thoughts on late-night following the recent cancellation of The Late Show With Stephen Colbert.

Shell noted that he wasn’t involved in the decision to axe The Late Show, which happened before the merger was made official. However, he told the outlet that he supported the decision since late-night in its current form is no longer viable.

“Late-night has a huge problem right now,” Shell said.

While he admitted that Colbert’s ratings are on par with his Late Show predecessor, David Letterman, Shell claimed, “The problem is that 80% of the viewership and growing is on YouTube.”

Shell added that with YouTube paying “45 cents on the dollar,” “you can’t make it work economically anymore.”

The Late Show will air its final episode in May 2026. Colbert will not be replaced; instead, the long-running late-night franchise will end for good. CBS previously cited financial reasons; however, others have speculated that the decision was made due to Colbert’s criticism of Paramount’s recent settlement with Donald Trump.

Shell also touched on his plans for CBS’ 10 p.m. hour, after previously being a proponent of NBC dropping the hour when he was in charge of NBCUniversal. However, he told Deadline that he has a different outlook on the 10 p.m. slot on CBS, saying it’s “healthier” than NBC, pointing to the success of shows like Blue Bloods and Elsbeth.

CBS will be hoping for continued success in the 10 pm slot with Blue Bloods spinoff Boston Blue, which is set to debut on Friday, October 17, after its premiere in Cannes at MIPCOM on October 12.