"Next year will be our last season,” the late-night talk show host announced Thursday, July 17. "The network will be ending 'The Late Show’ next May."

Colbert confirmed the cancellation during a show taping on Thursday. CBS said the move was "purely a financial decision against a challenging backdrop in late night."

CBS said that the cancellation was for financial reasons, but some wonder if it was tied to the pending Skydance merger.