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Stephen Colbert Hosts Fellow Late-Night Stars as His Show Winds Down

Entertainment5/12/2026
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Stephen Colbert hosted Jimmy Fallon, Jimmy Kimmel, Seth Meyers, and John Oliver on his May 11 episode, reuniting the 'Strike Force Five' podcast team. Colbert's final episode of 'The Late Show' is scheduled for May 21, ending his 11-season run on CBS. The group announced they will record an 'emergency' video podcast on May 13.

Facts First

  • Stephen Colbert reunited with fellow late-night hosts Jimmy Fallon, Jimmy Kimmel, Seth Meyers, and John Oliver on his May 11 show.
  • Colbert's final episode airs on May 21, marking the end of his 11-season run on CBS.
  • The group, known as Strike Force Five, will record an 'emergency' video podcast on May 13.
  • CBS canceled 'The Late Show' in July 2025, citing a financial decision.
  • Upcoming guests include David Letterman, Barack Obama, Tom Hanks, and Julia Louis-Dreyfus.

What Happened

Stephen Colbert hosted Jimmy Fallon, Jimmy Kimmel, Seth Meyers, and John Oliver on the May 11 episode of 'The Late Show'. The group refers to themselves as Strike Force Five, the name of a podcast they hosted together in 2023 during the Writers Guild of America (WGA) strike. Colbert spent much of his monologue making fun of President Trump. CBS canceled 'The Late Show' in July 2025, citing a financial decision. The final episode is scheduled to air on May 21, 2026.

Why this Matters to You

If you are a fan of late-night comedy, the landscape is changing. Colbert's show ending marks the conclusion of a prominent 11-season run, and his final episodes feature a notable reunion of hosts and high-profile guests like Barack Obama and Tom Hanks. You may see these hosts collaborating more frequently, as they have announced an 'emergency' video podcast recording on May 13. The cancellation itself appears to be linked to corporate financial decisions and a pending merger, which could influence the future programming you see on CBS and Paramount Plus.

What's Next

Colbert's final episode airs on May 21. Upcoming guests on 'The Late Show' include David Letterman on May 14, followed by John Krasinski, Julia Louis-Dreyfus, Pedro Pascal, and Tom Hanks. Special segments are planned, including a 'Colbert Questionert' with Barack Obama and a performance by the Strokes. Jimmy Kimmel will air a repeat of 'Jimmy Kimmel Live!' on May 21. The Strike Force Five group is likely to release their new video podcast shortly after its recording on May 13.

Perspectives

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Media Critics and Industry Veterans argue that CBS leadership is being dishonest about the cancellation, with some labeling the network 'lying weasels' for allegedly promising to protect the show during merger negotiations only to terminate it.
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Political Analysts and Fans suggest the cancellation was motivated by political pressure, either due to Colbert's frequent criticism of Donald Trump or as a strategic move to facilitate the Paramount-Skydance merger and FCC approval.
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Late-Night Hosts observe that the industry is in a precarious state where hosts face political scrutiny and must navigate the 'dangerous' concentration of power among a few major players while maintaining relevance to a viewership that includes world leaders.
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Observers of Political Tension note the awkward intersection of late-night comedy and high-level politics, specifically regarding the personal feelings of the First Lady and the 'MAGA gang's' attempts to weaponize political events.