CBS has announced that The Late Show with Stephen Colbert will end next May, despite dominating late night American TV for decades.

The announcement comes just days after Colbert criticised Paramount – the parent company of CBS – for paying $16 million (£12 million) to settle a lawsuit filed by Donald Trump.

The president had accused the network of deliberately editing a rambling interview with Kamala Harris to make her appear more competent during last year’s election campaign.

On Monday, Colbert said he was “offended” by the settlement reached by Paramount, who are in the process of an $8.4 billion (£7.3 billion) merger which requires approval from the Trump administration.

Colbert, who took over hosting the show from David Letterman in 2015, told his audience on Thursday night’s taping that he had found out about the decision to axe the show the previous night.

As the audience booed, he said: “I share your feelings. It’s not just the end of the show, it is the end of the Late Show on CBS. I’m not being replaced, this is all just going away.”