The show is the most-watched late-night program on U.S. broadcast television and a frequent platform of satire aimed at Trump. Colbert told his audience on Thursday that he was informed of his show's cancellation the night before.

When Paramount listed its slate of highly rated TV shows during its last earnings report, including "Tracker," the top rated series and "Matlock," the highest rated new series, it also listed Colbert's "The Late Show" as the highest rated broadcast late night show. "The Daily Show," also from Paramount, was the top late night show on cable TV.