CBS' shock announcement sparked speculation over whether there was a political motive for the program's cancellation.

In a statement on Thursday, the network said the late-night talk show was being canceled for financial reasons. Those reasons are associated with Paramount's proposed merger with Skydance Media, which requires Federal Communications Commission (FCC) approval under the Trump administration. Paramount is the parent company of CBS.

Skydance, the movie studio trying to buy CBS and Comedy Central parent company Paramount, appears eager to rid CBS of “a liberal taint.”