Colbert, who lives in Montclair, New Jersey, isn’t being replaced, either. CBS is axing the “Late Show” entirely. The iconic program, which was previously hosted by David Letterman, has been on the air for nearly 32 years.

CBS has axed Stephen Colbert's "The Late Show." Here's a look at how his career in comedy led him from "The Daily Show" to Letterman's old seat.

CBS announced its plan to cancel “The Late Show With Stephen Colbert” after the next TV season in a statement on Thursday, July 17. The network claimed it was “purely a financial decision.”