"Next year will be our last season,” the late-night talk show host announced Thursday, July 17. "The network will be ending 'The Late Show’ next May."

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."

“Before we start the show, I want to let you know something that I found out just last night. Next year will be our last season. The network will be ending the ‘Late Show’ in May,” Colbert said in the clip, as the audience booed. “And, yeah, I share your feelings. It’s not just the end of our show, but it’s the end of ‘The Late Show’ on CBS.”