CBS is cancelling The Late Show with Stephen Colbert after 33 years on air. Host Stephen Colbert made the announcement to the audience at a taping on Thursday, just days after he spoke out against Paramount Global,

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. TV networks have been cutting costs at their late-night mainstays for the past few years.

Stephen Colbert riffed Paramount Global’s $16 million settlement of Donald Trump’s lawsuit, calling the payment a “big fat bribe” and joking about the prospects that new owner Skydance will try pressure him to back off from humor directed at the president.

Stephen Colbert and Jon Stewart slammed Paramount for making a deal with Trump, serving notice they won't be silenced by their parent company.