New York [US], July 18 (ANI): Stephen Colbert has announced that The Late Show will end after its 10th season.

According to PEOPLE, 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 next year.

'Before we start the show, I want you to know something that 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,' he said.

'This is all just going away. And I do want to say that the folks at CBS have been great partners,' he added.

He went on to share that he feels extremely 'grateful' to his team and fans. 'I am extraordinarily, deeply grateful to the 200 people who work here. We get to do this show. We get to do this show for each other every day, all day, and I've had the pleasure and the responsibility of sharing what we do every day with you in front of this camera for the last 10 years.'

'And let me tell you, it is a fantastic job. I wish somebody else was getting it, and it's a job that I'm looking forward to doing with this usual gang of idiots for another 10 months,' said Colbert. 'It's gonna be fun.'

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CBS later confirmed the news to PEOPLE, explaining their reason: '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.'

'Our admiration, affection, and respect for the talents of Stephen Colbert and his incredible team made this agonising decision even more difficult. Stephen has taken CBS late night by storm with cutting-edge comedy, a must-watch monologue, and interviews with leaders in entertainment, politics, news, and newsmakers across all areas,' the statement said.

'The show has been #1 in late night for nine straight seasons; Stephen's comedy resonates daily across digital and social media; and the broadcast is a staple of the nation's zeitgeist,' the statement continued.

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)