India, July 18 -- CBS is axing The Late Show with Stephen Colbert as well as the Late Show franchise.

"THE LATE SHOW with STEPHEN COLBERT will end its historic run in May 2026 at the end of the broadcast season," the company said in a statement on Thursday.

Notably, even if CBS pulled the plug, the American comedian, writer, actor, author, and talk show host has built an impressive career in TV and satire. He currently boasts a net worth of $75 million, per celebritynetworth.com.

During the early years of The Late Show, Stephen earned an annual wage of $6 million. In October 2019, he entered a contract extension with CBS Corp. that kept him on the network through at least 2023. Under his new contract, his annual salary was raised to $1...