Stephen Colbert tried to suggest on Wednesday’s The Late Show that there was something contradictory or even hypocritical in CBS deciding to cancel him while parent company Paramount settled in a recent lawsuit with President Trump that could lead them to giving up around $36 million.
Colbert brought out his Trump voice as he read from a Truth Social post, “One bright spot for Trump in the news right now is how much he's making my network crawl. Yesterday, Trump posted, 'Breaking news!' Yes, that is what you’re doing to the news. Tell us how this time. 'We have just achieved a big and important win in our historic lawsuit against 60 Minutes, CBS, and Paramount. Paramount/CBS/60 Minutes have today paid $16 million in settlement, and we will also anticipate receiving $20 million more from the new owners for a total of over $36 million.'"
It has been reported that The Late Show lost the network around $40 million a year, so Colbert did some mental math, “Wow, hold on, plus they're paying his legal fees. Sixteen plus 20—that means by bending the knee, they lost, like, $40 million this year. They better watch out. They better watch out. They might get canceled. For purely financial reasons. Purely.”
Of course, there is a big difference between a one-time payment and an annual loss, but Colbert kept going, “The present owners are denying that additional $20 million, which I hope is true because could you imagine how angry people would be? Last year, Paramount laid off 2,000 employees and then cut another several hundred just last month. Firing that many people and then handing over 36 mil to a guy who is putting your neighbors in alligator camps, all because of a lawsuit that your own lawyers said was completely without merit. If that's true, that would make CBS look morally bankrupt. Also, bankrupt.”
Colbert then admitted that the $20 million portion won’t actually be going to Trump, “Trump claims that additional $20 million is a gift in kind that will be paid in advertising, PSAs, or similar programming, all promoting causes supported by the president. So this fall on CBS, get ready for the new FBI: Epstein Redactors.”
When Trump reached deals with various law firms, that have also upset liberals in and outside of the media, Trump has identified those causes as “Assisting Veterans and other Public Servants, including, among others, members of the Military, Gold Star families, Law Enforcement, and First Responders; ensuring fairness in our Justice System; and combatting Antisemitism.”
It’s hard to tell how much Colbert himself actually believes in the idea that the lawsuit had something to do with his cancellation, but certainly many of his viewers and political allies believe there is a clear connection, but routines like this won’t help rid them of this mistaken belief.
Here is a transcript for the July 23 show:
CBS The Late Show with Stephen Colbert
7/23/2025
11:46 PM ET
STEPHEN COLBERT: One bright spot for Trump in the news right now is how much he's making my network crawl. Yesterday, Trump posted [Trump voice], "Breaking news!" Yes, that is what you’re doing to the news. Tell us how this time. [Trump voice] "We have just achieved a big and important win in our historic lawsuit against 60 Minutes, CBS, and Paramount. Paramount/CBS/60 Minutes have today paid $16 million in settlement, and we will also anticipate receiving $20 million more from the new owners for a total of over $36 million." Wow, hold on, plus they're paying his legal fees. Sixteen plus 20—that means by bending the knee, they lost, like, $40 million this year.
They better watch out. They better watch out. They might get canceled. For purely financial reasons. Purely. The present owners are denying that additional $20 million, which I hope is true because could you imagine how angry people would be? Last year, Paramount laid off 2,000 employees and then cut another several hundred just last month. Firing that many people and then handing over 36 mil to a guy who is putting your neighbors in alligator camps, all because of a lawsuit that your own lawyers said was completely without merit. If that's true, that would make CBS look morally bankrupt. Also, bankrupt. Trump claims that additional $20 million is a gift in kind that will be paid in advertising, PSAs, or similar programming, all promoting causes supported by the president. So this fall on CBS, get ready for the new FBI: Epstein Redactors.