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Stephen Colbert’s last show airs May 21 with Obama and Letterman. The Late Show host will sign off from the Ed Sullivan Theater at 11:35 p.m. ET with an unprecedented lineup of A-list celebrity guests who shaped his iconic career. This final episode marks the end of an era for late-night television as CBS retires The Late Show franchise after more than 30 years on air.
🔥 Quick Facts
- Final Air Date: Thursday, May 21, 2026 at 11:35 p.m. ET on CBS and Paramount+
- Featured Guests: Former President Barack Obama, Tom Hanks, David Letterman with Julia Louis-Dreyfus and Pedro Pascal
- Season Ending: 10 seasons of The Late Show with Stephen Colbert, airing since 2015
- Return Show: Comics Unleashed with Byron Allen takes over the time slot on May 22
A Star-Studded Send-Off Like No Other
Stephen Colbert’s final week features an unprecedented gathering of entertainment icons. Tom Hanks will make his 18th and final appearance on the show, marking over a decade of conversations. Former President Barack Obama brings historic weight to the farewell, while David Letterman, who anchored The Late Show for 33 years before Colbert took over in 2015, will return to the stage. Julia Louis-Dreyfus and Pedro Pascal round out the week with celebrity heft. The gathering symbolizes a remarkable legacy spanning nearly two decades of late-night dominance.
From Comedy Roots to Late Night Phenomenon
Colbert’s journey to the Ed Sullivan Theater desk began in sketch comedy, building a devoted following through The Colbert Report. His 2015 transition to The Late Show marked a significant moment for CBS, positioning him as the network’s flagship talent. Over 11 seasons, he interviewed presidents, celebrities, and newsmakers while bringing satirical commentary to current events. His show became iconic for balancing sharp political wit with genuine human connection. Recognition and awards followed, cementing his status as one of television’s most influential late-night hosts.
Stephen Colbert’s last show airs May 21 with Obama and Letterman
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The Final Show Details and Broadcast Information
| Detail | Information |
| Air Date and Time | Thursday, May 21, 2026, 11:35 p.m. ET |
| Networks | CBS Television and Paramount+ Streaming |
| Studio Location | Ed Sullivan Theater, New York City |
| Notable Featured Guests | Barack Obama, Tom Hanks, David Letterman |
The broadcast will air live and be available on demand for Paramount+ subscribers. Jimmy Fallon’s Tonight Show will air repeats opposite the finale, a solidarity gesture from a fellow late-night host. Viewers nationwide can tune in via multiple platforms to witness the historic conclusion of an era that defined modern late-night television.
“The final week of guests includes big names like former President Barack Obama, actor Tom Hanks and former Late Show host David Letterman.”
— CBS Official Statement, May 2026
Why CBS Decided to End The Late Show After Success
CBS announced in July 2025 that it would retire The Late Show franchise in May 2026, citing purely financial reasons. The network described the decision as reflecting challenging conditions in late-night television amid shifts in viewing habits. Reports indicated annual losses near $40 million, pressuring Paramount executives to make difficult programming decisions. Colbert found the cancellation surprising, having signed a three-year contract extension just months before the announcement. The timing highlighted tensions within the entertainment industry as traditional broadcast television faces sustained economic headwinds.
What Happens to Late Night Television After May 21?
Comics Unleashed with Byron Allen will occupy Colbert’s time slot beginning May 22, continuing the 11:35 p.m. ET slot on CBS. Allen’s long-running comedy format brings a different approach to late-night, moving away from interview-based talk. The shift marks a major change in CBS’s late-night strategy, retiring an iconic franchise to pursue alternative programming. Industry observers see the move as reflecting broader challenges facing traditional talk show formats. Colbert’s departure raises questions about the future of late-night television and whether network television can sustain the genre.
