It’s the end of an era on late-night television—and one of its most legendary figures is weighing in with trademark wit and candor.

Four days after Stephen Colbert stunned viewers with the news that CBS will pull the plug on The Late Show in May 2026, David Letterman—who helmed the iconic program for over two decades—has broken his silence. And in true Letterman fashion, he’s letting his old network have it, all while showing support for his successor.

A Legacy Interrupted

Letterman, now 78, took to YouTube on July 21, sharing a video montage that doubled as both a trip down memory lane and a pointed critique of CBS. The video, stitched together from classic Late Show episodes spanning 1994 to 2013, features Letterman’s most memorable jabs at the network brass. Its caption? “You can’t spell CBS without BS.”

Fans immediately saw the timing as more than coincidence. While Letterman didn’t directly mention the cancellation, the message was clear: he’s standing with Colbert, and he’s not letting CBS off easy.

Colbert Breaks the News

The saga began on July 17, when Colbert, 61, opened his monologue with a bombshell announcement: “Next year will be our last season. The network will be ending The Late Show in May.”

The studio audience booed, and Colbert, visibly emotional, didn’t sugarcoat the moment. “It’s not just the end of our show, but it’s the end of The Late Show at CBS. I’m not being replaced. This is all just going away,” he explained, before quickly adding, “The folks at CBS have been great partners.”

The announcement sent shockwaves through the entertainment world. Colbert’s Late Show has been a staple of American culture for nearly a decade, blending sharp political satire with heartfelt interviews and viral comedy sketches.

CBS: “A Financial Decision”

In a statement to PEOPLE, CBS insisted the cancellation was “purely a financial decision against a challenging backdrop in late night.” The network praised Colbert’s performance and character, emphasizing, “It is not related in any way to the show’s performance, content or other matters happening at Paramount.”

CBS expressed “admiration, affection, and respect” for Colbert, calling the decision “agonizing.” But for many fans—and for Letterman—the explanation rang hollow.

The Timing: Colbert’s Critique of Paramount

The timing of the cancellation has fueled speculation. Just days before the announcement, Colbert criticized CBS’s parent company, Paramount, for its $16 million settlement with former President Donald Trump. The lawsuit stemmed from a controversial interview with Kamala Harris during the 2024 presidential election.

Paramount is currently in the midst of a high-stakes merger with Skydance, a deal that would require approval from the Trump administration. Colbert’s on-air critique of the settlement was candid and biting—a hallmark of his style, but perhaps a risky move in the current media landscape.

A Show of Solidarity

If CBS hoped the decision would go quietly, they underestimated the late-night community. On July 21, Colbert’s fellow hosts—Jimmy Fallon, Seth Meyers, Jon Stewart, and John Oliver—all made surprise cameos on The Late Show to express their support. Jimmy Kimmel, host of ABC’s Jimmy Kimmel Live!, shared an Instagram Story: “Love you Stephen,” before adding a pointed jab at CBS.

The message was clear: Colbert’s peers aren’t just colleagues—they’re a fraternity. And they’re not happy with CBS’s decision.

Letterman’s Enduring Influence

For many, Letterman’s reaction was the one they’d been waiting for. After all, he didn’t just host The Late Show—he built it, defining the format for a generation. Letterman handed the reins to Colbert in 2015, and the two have maintained a warm, mutual respect ever since.

Letterman’s YouTube montage is classic Dave: sarcastic, irreverent, and deeply loyal. It’s a reminder that while networks and executives may come and go, the bonds between hosts—and their audiences—run deep.

The End of an Era

The Late Show debuted in 1993 with Letterman at the helm, quickly becoming a cultural touchstone. From top-ten lists to celebrity interviews, Letterman’s blend of absurdist humor and heartfelt moments set the standard for late-night television.

Colbert took over in 2015, bringing his own brand of political satire and empathy. His tenure saw the show evolve—from a traditional talk show to a nightly commentary on the state of the nation. Under Colbert, The Late Show became the most-watched late-night program in America, and a platform for voices across the political and cultural spectrum.

Why Now?

CBS’s decision to end The Late Show comes amid broader shifts in the television industry. The late-night landscape is changing, with audiences increasingly turning to streaming platforms, social media clips, and podcasts for their entertainment fix. Networks are under pressure to cut costs, and legacy programs—no matter how beloved—aren’t immune.

But for many fans, the timing still stings. Colbert’s willingness to speak truth to power, even when it ruffled feathers, is precisely what made his show essential viewing.

What’s Next for Colbert—and Late Night?

Colbert’s final season will air through May 2026, marking the end of a remarkable ten-year run. As for what’s next, Colbert hasn’t announced any future projects—but his influence on comedy, politics, and culture is secure.

Letterman, meanwhile, continues to make waves with his Netflix series, My Next Guest Needs No Introduction. His latest YouTube salvo proves he’s lost none of his edge—or his willingness to stand up for what he believes in.

Fans React: Outrage, Nostalgia, and Thanks

Social media has exploded with reactions, from outrage at CBS to nostalgia for the golden age of late night. Many are simply grateful for the laughter and insight Colbert and Letterman have brought into their homes.

One fan summed it up best: “Late night will never be the same. Thank you, Stephen and Dave, for everything.”

The Last Word

As the curtain falls on The Late Show, David Letterman’s words—delivered with a wink and a sting—echo across the industry: “You can’t spell CBS without BS.” It’s a fitting send-off for a show, and a legacy, that never shied away from telling it like it is.