"Next year will be our last season,” the late-night talk show host announced Thursday, July 17. "The network will be ending 'The Late Show’ next May."

Stephen Colbert announced at the Thursday evening taping of “The Late Show with Stephen Colbert” that his show would be canceled at the end of the season.

In a shocking move, CBS is ending “The Late Show with Stephen Colbert” next year, and apparently exiting the late-night television business altogether. The network, citing financial pressures,