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,

CBS, in announcing the cancellation of "The Late Show with Stephen Colbert," has called the move a "purely financial decision."

This story originally appeared in Los Angeles Times. CBS said it is canceling "The Late Show with Stephen Colbert" at the end of the upcoming television season in May, a casualty of industry changes that have dealt a crippling blow to advertising revenue.

In a major announcement, Stephen Colbert revealed CBS plans to cancel “The Late Show” next year after more than three decades on the air. Colbert made the announcement himself on social media, marking a significant turning point for the broadcast industry.

The problem began at the tail end of the station's prime time programming at 9:13 p.m., but it didn't interfere with the 10 p.m. newscast because that's locally generated, Chastain said.

Colbert followed “The Daily Show” host Jon Stewart’s attack of the deal one week earlier. Stewart works for Comedy Central, also owned by Paramount, making the two comics the most visible internal critics of the $16 million settlement that was announced on July 1.

Stephen Colbert went off on his employer, Paramount, on Monday after the company decided to settle with President Trump in his lawsuit against the network.

Two Emmy categories were unexpectedly revealed early on Tuesday morning and The Traitors, Drag Race and the Late Show are nominees once again