A new report revealed Stephen Colbert's manager knew about "The Late Show" cancellation weeks before the host, with sources claiming the decision was financially motivated.

There’s a very simple reason why “The Late Show with Stephen Colbert” was canceled by CBS: the program was losing huge amounts of money, Puck reported. Colbert had to walk the plank because “The Late Show” was losing $40 million a year.

On July 17, Colbert announced that his contract would not be renewed and that CBS would shut down the entire Late Show in May. This came three days after the 61-year-old host used his monologue to call out CBS’s decision to pay US$16 million to settle Donald Trump’s lawsuit — seen by most legal experts as meritless — against 60 Minutes.

CBS announced Thursday “The Late Show” will end in May at the end of its broadcast season. Though CBS and parent company Paramount said the choice to cancel the series was “purely a financial decision,” and the show was reportedly losing the network $40 million a year, many liberal commentators claim it was for political reasons.

CBS cancelled “Late Night with Stephen Colbert” in a move that Senator Elizabeth Warren has criticized as potentially being done for political reasons, following Colbert’s public

The union says of the Colbert cancellation, "Now, more urgently than ever, is a time for courage, not cowardice."

Late-night host Stephen Colbert had a vulgar retort to President Donald Trump taunting him over his cancellation, saying "go f--- yourself" to audience cheers.