CBS said Thursday that it was canceling “The Late Show With Stephen Colbert” and retiring a late-night franchise that has existed for more than three decades.

Mr. Colbert’s run — and “The Late Show” itself — will end in May.

“This is purely a financial decision against a challenging backdrop in late night,” said George Cheeks, the president of CBS and co-chief executive of Paramount, CBS’s parent company. “It is not related in any way to the show’s performance, content or other matters happening at Paramount. Our admiration, affection and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult.”

This is a developing story. Check back for updates.