Stephen Colbert Takes Swipe at CBS During Final “Late Show” Episode: 'I Hope This Doesn't Cost Any Money'

The beloved host signed off the air on May 21 in a super-sized episode filled with celebrity cameos

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Key Takeaways

• Stephen Colbert’s final Late Show episode featured Paul McCartney, celebrity cameos and a classic “Meanwhile” segment
• Colbert subtly criticized CBS, which canceled the show last July
• Colbert thanked fans and his team during a heartfelt farewell message

Stephen Colbert's final episode of The Late Show included a slew of surprises — and one swipe at CBS.

On May 21, Colbert's last episode of the beloved late-night show aired, and featured a variety of celebrity cameos, a final interview with Paul McCartney and a Late Show classic segment, "Meanwhile."

During the segment, in which he pokes fun at news headlines, Colbert explained that the owner of the music of a Charlie Brown Christmas and other Peanuts television specials has filed four lawsuits "against those illegally using the famous song 'Linus and Lucy.'"

"Now Peanuts is a powerful brand and corporation in and of itself, anyone illegally using that music is going to have to pay through the nose, Lewis," he said, speaking to his band leader, Louis Cato.

Suddenly, the Great Big Joy Machine band started playing the iconic song from the cartoon. "Excuse me, Lewis, is the band, is the band right now playing the same Peanuts music that I just said people are being sued for, for using without permission? Is that what you're doing?"

Cato replied, "Yeah, yeah."

As the band kept playing, Colbert quipped, "Oh no, I hope this doesn't cost CBS any money."

The mention of CBS losing money was a subtle nod to the network, who canceled the Emmy-winning show in July 2025. The decision to pull The Late Show came just days after Colbert criticized the network’s parent company, Paramount, for its $16 million settlement with President Donald Trump.

Trump sued CBS’ 60 Minutes, accusing them of deceptively editing an interview with former Vice President Kamala Harris. At the time, Paramount was in the middle of a merger with the entertainment company Skydance, which required approval from the Trump administration.

Despite leading the late-night ratings, CBS said cancelling The Late Show was “purely a financial decision” and “not related in any way to the show’s performance, content or other matters happening at Paramount.”

Colbert opened up about the moment he learned the news in his PEOPLE cover story, out this week. He said his manager told him the cancellation news while he was resting in his dressing room ahead of a show taping. “I sat up and I said, ‘I’m sorry, I’m awake. Could you say that one more time?’”

Before his final episode aired on May 21, Colbert filmed a special message for fans. "I talked to the audience beforehand and tonight I thought I'd talk to the audience in here [the Ed Sullivan theater] and the audience out there at home," he said.

"This show, I want you to know, has been a joy for us to do for you. In fact, we call this show The Joy Machine because to do this many shows, it has to be a machine," he explained. "But the thing is, if you choose to do it with joy, it doesn't hurt as much when your fingers get caught in the gears, and, and I cannot adequately explain to you what the people who work here have done for each other and how much we mean to each other, so I will just say to them, you are all the great Achilles whom we knew."

He continued, "I just want to let all y'all know in here and out there how important you've been to what we have done. The energy that you've given us, we sincerely need that to have done the best possible show we could have for you for the last 11 years. You've given it to us, we've given it all right back to you."

He signed off the intro before diving into the show by saying, "We love doing this show for you, but we really, really love is doing the show with you. Now, I'll say to you what I've said to every audience for the last 11 years, and I've meant it every time: Have a good show. Thanks for being here. And let's do it, y'all."

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