Paul McCartney turned out the lights at the Ed Sullivan Theater. Stephen Colbert delivered one last pope joke. By all accounts, a warm and star-studded farewell.

The warmth was genuine. The circumstances were not.

Colbert signed off after CBS cancelled The Late Show — the top-rated program in its time slot — in what the network insists was a purely financial decision. The timing raised eyebrows: CBS parent company Paramount is seeking government approval for an $8.4 billion merger with Skydance Media, and the cancellation came shortly after Colbert mocked the network on air for its $16 million settlement with President Donald Trump. CBS had settled over a Harris interview that Colbert called a “big fat bribe.”

CBS says coincidence. Draw your own conclusions.

The finale had all the trappings of a fond goodbye. McCartney led a celebrity-packed final lineup. Colbert, a devout Catholic, got in one last papal gag — “The pope, who was definitely my guest tonight, has cancelled,” he joked, citing a hot dog dispute.

But the contrast between the heartfelt send-off and the corporate calculus behind it is hard to ignore. CBS axed its most politically outspoken late-night host while its parent company curries favor with a president who has made no secret of his hostility toward critical media. The network chose not to renew a ratings winner. The arithmetic only works if you include the political variables.

Colbert leaves with class and a Beatle. CBS keeps its merger prospects warm. Everyone got what they paid for.

Sources