There is little in Paramount Global’s recent earnings report to indicate that the finances of its television division had eroded so precipitously that jettisoning one of its trademark programs would be a necessary solution.

CBS announced on Thursday that "The Late Show With Stephen Colbert" will be canceled after next year, ending a series that has been running for more than three decades. Colbert announced the talk show's cancellation on Thursday via a clip of his new episode,