Colbert confirmed the cancellation during a show taping on Thursday. CBS said the move was "purely a financial decision against a challenging backdrop in late night."

Stephen Colbert was receiving messages of support and affection from his fellow late-night hosts after announcing that CBS was canceling his show, “The Late Show With Stephen Colbert,” next May.

The end of the 'Late Show' franchise is a major blow for a once-beloved TV format, which has lost relevance and advertising dollars.