The network's timing: The cancellation and the reported financial leaks from anonymous CBS sources closely followed Colbert's public critique of his parent company, Paramount, and its $16 million settlement with Donald Trump.

Suspicious timing for a merger: The cancellation occurred while Paramount was seeking regulatory approval from the Trump administration for a merger with Skydance Media. Some, including the Writers Guild of America, suggested the move was a bribe to curry political favor for the deal

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To know whether or not Paramount’s explanation is credible, we first need to know whether “The Late Show” really loses $40-50 million dollars a year. That turns out to be far more complicated than one would think. The “this show loses $40-50 million” claim was a “leak” from anonymous sources after the ruckus kicked up. No one can actually confirm it – which is itself somewhat suspicious in gossipy Hollywood. Skeptics of the “purely financial” explanation observe that “The Late Show” has all the hallmarks of a successful show. It’s at the top of the ratings in its time slot right now and routinely wins lots of industry awards. Suddenly it’s losing money!? How?