CBS is canceling “The Late Show With Stephen Colbert” next May, shuttering a decades-old TV institution and removing from air one of President Donald Trump's most prominent late-night critics.

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."

The end of the 'Late Show' franchise is a major blow for a once-beloved TV format, which has lost relevance and advertising dollars.