Donald Trump Wins Media Settlements as CBS Cancels Colbert

President Donald Trump secured multiple legal settlements from major media networks while CBS announced the cancellation of The Late Show With Stephen Colbert. Trump claimed a total victory of over $36 million from Paramount, CBS, and 60 Minutes, consisting of a $16 million cash settlement and an anticipated $20 million in advertising or public service announcements from new owners following Paramount's $8 billion merger with Skydance Media. Paramount denied any agreement beyond the $16 million cash payment, and sources stated Skydance has no such side deal.

Separately, ABC paid Trump's presidential foundation over $15 million in December to settle a lawsuit regarding a segment on This Week. Trump warned other mainstream media outlets they are "on notice" following these results. He also filed a lawsuit against The Wall Street Journal over a report alleging he sent a bawdy, hand-drawn birthday message to Jeffrey Epstein, a claim Trump denied by asserting he does not draw pictures.

Amid these developments, CBS announced it will end The Late Show in May 2026, citing annual financial losses of $40 million. While CBS maintains the move is a purely financial decision, critics and late-night hosts questioned if the cancellation resulted from corporate fear or a desire to avoid conflict with the president, especially after Colbert criticized the Paramount settlement. Senators Elizabeth Warren, Bernie Sanders, and Ron Wyden sent a letter to Skydance CEO David Ellison questioning if a secret agreement existed and if Skydance influenced the show's cancellation.