LOS ANGELES (AP) - CBS is cancelling “The Late Show With Stephen Colbert” next May, shuttering a decades-old TV institution in a changing media landscape and removing from air one of President Donald Trump’s most prominent and persistent late-night critics.

CBS said “Late Show” was cancelled for financial reasons, not for content. But the timing — three days after Colbert criticized the settlement between Trump and Paramount Global, parent company of CBS, over a “60 Minutes” story — led two U.S. senators to publicly question the motives.

Democratic U.S. Sen. Adam Schiff of California was a guest on Thursday night. Schiff said on X that “if Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better.”

Democratic U.S. Sen. Elizabeth Warren of Massachusetts released a similar statement.

Colbert told his audience at New York’s Ed Sullivan Theater that he had learned Wednesday night that, after a decade on air, “next year will be our last season. ... It’s the end of ‘The Late Show’ on CBS. I’m not being replaced. This is all just going away.”

The audience responded with boos and groans.

“Yeah, I share your feelings,” the 61-year-old comic said.

Three top Paramount and CBS executives praised Colbert’s show as “a staple of the nation’s zeitgeist” in a statement that said the cancellation “is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount.”

Colbert and Trump

In his Monday monologue, Colbert said he was “offended” by the $16 million settlement reached by Paramount, whose pending sale to Skydance Media needs the Trump administration’s approval. He said the technical name in legal circles for the deal was “big fat bribe.”

“I don’t know if anything — anything — will repair my trust in this company,” Colbert said. “But, just taking a stab at it, I’d say $16 million would help.”

Trump had sued Paramount Global over how “60 Minutes” edited its interview last fall with Democratic presidential candidate Kamala Harris. Critics say the company settled primarily to clear a hurdle to the Skydance sale.

The president — a longtime target of Colbert — on Friday said on Truth Social that “I absolutely love” that Colbert was “fired.” In his message, he insulted the late-night hosts on ABC, CBS and NBC.

“I hear (ABC’s) Jimmy Kimmel is next,” Trump wrote. “Has even less talent than Colbert. (Fox News Channel’s) Greg Gutfeld is better than all of them, including the Moron on NBC who ruined the once great Tonight show.”

Colbert took over “The Late Show” in 2015 after becoming a big name in comedy and news satire working on Comedy Central with Jon Stewart on “The Daily Show” and hosting “The Colbert Report,” which riffed on right-wing talk shows.

The most recent ratings from Nielsen show Colbert gaining viewers so far this year and winning his timeslot among broadcasters, with about 2.417 million viewers across 41 new episodes.

On Tuesday, Colbert’s “Late Show” landed its sixth Emmy nomination for outstanding talk show. It won a Peabody Award in 2021.