The recent cancellation of The Late Show with Stephen Colbert has stirred the internet. The announcement came three days after host Stephen Colbert questioned Paramount's decision to settle a lawsuit with President Donald Trump, calling it "a big, fat bribe." Supporters of Colbert alleged a political involvement in the show's discontinuation, while critics of the show disagreed with such theories.American journalist and political commentator Megyn Kelly, who recently appeared on Piers Morgan's July 29 podcast episode, stated that The Late Show had been experiencing significant losses, resulting in its shutdown."He decided to go for applause instead of laughs. And that's the beginning of the end for any comedian... It was not some vendetta against Steven Colbert. His show was losing $40 million a year. It cost a $100 million to make. He had 200 staffers... That will get you fired all day, every day on any television show in America," Kelly said.CBS announced on June 17 that The Late Show, which has been on air for 33 years, with Stephen Colbert hosting it since 2015, would not continue after May 2026. The decision came days after CBS' parent company, Paramount, agreed to pay President Trump $16 million to settle a pending lawsuit filed by the president over 60 minutes.Paramount also required approval from the federal government to conclude its merger with Skydance. This has since started a discourse of possible political involvement in the show's cancellation among netizens. Megyn Kelly, in the podcast, denied the incumbent president's involvement in the network's decision to cancel the show.Megyn Kelly claimed that if the cancellation were done by President Trump out of some kind of "vendetta," many other critics of him on the network would have lost their jobs, too."Why, if it was a vendetta against people who say nasty things about Trump on CBS, does Gayle King still have her job? Why does Scott Pelley, who is the headliner over at 60 Minutes, still have his job?... You know, you could do all day on the CBS news people who are unfair to Trump," Kelly said. English journalist and media personality Piers Morgan also shared his opinion on the cancellation of Stephen Colbert's late-night show, citing three reasons for it."Stephen Colbert got canned, it seemed to me, for very obvious reasons. One, his ratings sucked. Second, he'd been boring his viewers to tears with the constant anti-Trump diatribes. Thirdly, he was costing $40 million a year off the bottom line for CBS. I mean, any one of those would be enough to turf somebody out," Morgan said."Love that Colbert' got fired" — Trump reacts to The Late Show with Stephen Colbert cancellationOn July 17, Stephen Colbert announced that The Late Show would be discontinued after May 2026 during the show. CBS released a statement in which it admired Colbert while disclosing that the reason for the cancellation was financial.Following this announcement, President Donald Trump reacted to the news and took to Truth Social to share his thoughts on it. He wrote:"I absolutely love that Colbert' got fired. His talent was even less than his ratings. I hear Jimmy Kimmel is next. Has even less talent than Colbert!"In the July 22 monologue, Stephen Colbert retorted at the president and said that till May 26, his "gloves [were] off" and he could talk about the president in a more unfiltered manner. He also addressed President Trump's remark on fellow late-night host Jimmy Kimmel."Nope, no, no. Absolutely not, Kimmel. I am the martyr, okay? There's only room for one on this cross. And I got to tell you, the view is fantastic from up here. I can see your house," he sarcastically said.Notably, as a show of support, other late-night show hosts, including Jon Stewart, John Oliver, Seth Meyers, and Jimmy Fallon, appeared on The Late Show following its cancellation announcement.Known for his political satire, comedian Stephen Colbert took over The Late Show in 2015 from David Letterman after the latter's retirement.