CBS’s decision to pull the plug on The Late Show with Stephen Colbert has sent shockwaves through the entertainment world, and no one appears more stunned—or more theatrical—about it than Colbert himself.

In Monday night’s episode, the 61-year-old host went off-script in a fiery monologue, casting himself as a “martyr” and launching into a defiant tirade aimed at everyone from CBS executives to former President Donald Trump.

“They made one mistake, they left me alive! For the next ten months, the gloves are off!” Colbert declared, referring to the fact that CBS will air one final season of The Late Show, which is set to conclude in May 2026.

He opened the show by mocking “cancel culture,” asserting that the cancellation proves it’s “gone too far.” And now that his days are numbered, Colbert claimed he’s unchained—and ready to say whatever he wants.

But what started as a swipe at CBS quickly turned into a personal crusade against Trump, a target Colbert has fixated on throughout his tenure.

I’m going to enjoy this last year of the Colbert Show. 🔥

Source: @colbertlateshow Sticks and stones may break our bones but presidential turds can never hurt us. #StephenColbert pic.twitter.com/5n4MOEaDLH

— Ryan Shead (@RyanShead) July 22, 2025

Trump had responded gleefully to news of Colbert’s exit, writing on Truth Social, “I absolutely love that Colbert got fired. His talent was even less than his ratings. I hear Jimmy Kimmel is next. Has even less talent than Colbert!”

Colbert’s response was less comedic than it was combative.

“How dare you, sir?” Colbert shot back. “Would an untalented man be able to compose the following satirical witticism? Go [expletive] yourself.”

He continued his performance with more mock martyrdom, referencing Trump’s comment about Jimmy Kimmel.

“Nope, no, no. Absolutely not. Kimmel, I am the martyr. There’s only room for one on this cross. And the view is fantastic from up here. I can see your house!”

Late night TV hosts Jimmy Fallon, John Oliver, Seth Meyers and Jon Stewart all showed up to Stephen Colbert’s show tonight to show solidarity after CBS cancelled it. pic.twitter.com/WgtBPxqk2u

— Pop Base (@PopBase) July 22, 2025

The gloves were indeed off, as Colbert used the platform to announce his true feelings about Trump, which—unsurprisingly—mirrored the tone of his show for the past several years.

“I don’t care for him,” Colbert stated. “Doesn’t seem to have the skill set to be president. Just not a good fit, that’s all.”

Although Colbert reserved most of his venom for the former president, he didn’t let CBS executives off the hook either.

He acknowledged that the network had been “great partners” but took issue with their claim that the cancellation was driven purely by financial reasons.

“How could it be a purely financial decision if The Late Show is number one in ratings?” Colbert asked rhetorically. “A lot of folks are asking that question, mainly my staff’s parents and spouses.”

Watching Leftists mourn the cancellation of one of their main propagandists, Stephen Colbert, is nourishment for the soul.

I may even do a little dance. 😅 pic.twitter.com/cQUC0unBav

— Zachary Tisdale 🇨🇦 (@ztisdale) July 20, 2025

That question, however, has a fairly straightforward answer.

While it’s true that Colbert has led the late-night pack in ratings, the entire genre has been steadily losing relevance in the streaming era. According to reports following the cancellation, CBS has been losing an eye-popping $40–50 million annually on The Late Show.

Despite being “number one,” the show reportedly brings in minimal advertising revenue and struggles in the increasingly barren landscape of late-night television.

“Colbert gets no advertising and late night is a tough spot,” a source with direct knowledge of the situation told The New York Post. “Colbert might be No. 1, but who watches late night TV anymore?”

The insider added that CBS is facing major cost overruns and is actively repositioning itself by investing more in CBS Sports and “truth-based” news programming—an ironic pivot given the network’s longstanding liberal slant and Colbert’s unabashed partisanship.

If as many people that are tweeting about Stephen Colbert actually watched Stephen Cobert they wouldn't be canceling the show. Which tells you everything you need to know. pic.twitter.com/cRdvZBi6zG

— Andrew Donaldson (@four4thefire) July 18, 2025

Colbert’s critics argue that his downfall was self-inflicted. When he replaced David Letterman in 2015, he inherited a program beloved across party lines. But Colbert quickly repurposed The Late Show into a nightly liberal soapbox, turning off viewers who didn’t share his political bent.

As audiences dwindled and media habits shifted, the once-unifying late-night landscape fractured—and Colbert’s alienating tone didn’t help. Half the country felt unwelcome, and with fewer viewers tuning in overall, that lost audience carried serious consequences.

Now, as Colbert bemoans his fate and lashes out, the irony is thick. He blames CBS for caving to financial pressures and Trump for celebrating his firing, but the truth may be closer to home.

After all, you can’t sustain a late-night show that hemorrhages tens of millions annually—especially one that spends more time scoring political points than delivering laughs.

If Colbert wants to know who really canceled The Late Show, he may want to take a long look in the mirror.