Colbert, who lives in Montclair, New Jersey, isn’t being replaced, either. CBS is axing the “Late Show” entirely. The iconic program, which was previously hosted by David Letterman, has been on the air for nearly 32 years.

CBS said it planned to cancel Stephen Colbert's Late Show after next season, citing the weakening finances of late night

Late night talk shows in recent years haven't been quite as much of a staple of network television like in the days of David Letterman and Jay Leno, but CBS' move against The Late Show with Stephen Colbert will still come as a shock to many.