Late night television in recent years hasn't been quite as much of a staple of network television like in the days of David Letterman and Jay Leno, but CBS' move against The Late Show with Stephen Colbert will still come as a shock to many.

The cancellation comes shortly after Paramount, on July 1, agreed to pay President Donald Trump a $16 million settlement over a lawsuit the president filed against it. The lawsuit accused CBS's "60 Minutes" of "deceptive editing" of his interview with presidential rival Kamala Harris.

Colbert confirmed the cancellation during a show taping on Thursday. CBS said the move was "purely a financial decision against a challenging backdrop in late night."