President Trump cheered the cancellation of "The Late Show with Stephen Colbert," saying he "absolutely loves" that Colbert "got fired."

The announcement came days after Colbert spoke out against the $16 million settlement paid by CBS News parent Paramount to settle a lawsuit filed by Donald Trump.

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.