While ratings for Colbert's show have declined over the last decade, the program has consistently achieved the highest views of any show in the 11:35 p.m. hour, outdrawing ABC's "Jimmy Kimmel Live" and NBC's "The Tonight Show Starring Jimmy Fallon," according to Nielsen.

After the CBS network cancelled The Late Show With Stephen Colbert after three decades, one media expert has weighed in with her thoughts on the fate of political satire on national television.