A shocked Stephen Colbert reacted on-air to the news that CBS will be canceling his beloved late-night show after the next TV season, which elicited boos from an angry audience. In an announcement on July 17, the network claimed the decision wasn’t personal: “This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount.” Just days before CBS’s decision was made public, Colbert criticized his parent company, Paramount, for paying Donald Trump a $16 million settlement over his “60 Minutes” lawsuit. There were already rumblings that Colbert might be on the chopping block, as Skydance Media is slated to acquire Paramount Global, CBS’ parent company.