The cancellation comes shortly after Paramount, on July 1, agreed to pay President Donald Trump a $16 million settlement over a lawsuit the president filed against it. The lawsuit accused CBS's "60 Minutes" of "deceptive editing" of his interview with presidential rival Kamala Harris.

Late night television in recent years hasn't been quite as much of a staple of network television like in the days of David Letterman and Jay Leno, but CBS' move against The Late Show with Stephen Colbert will still come as a shock to many.