“Well, it’s dying” — Michael Knowles mocks Burning Man Festival, comparing its budget deficit to Stephen Colbert’s show

Michael Knowles recently drew a comparison between the reported budget deficit of the upcoming Burning Man Festival and the cancellation of The Late Show With Stephen Colbert. For those unfamiliar, on July 17, 2025, CBS confirmed that The Late Show would be cancelled in May 2026, citing "financial decision" as the reason.

In the July 23 episode of The Michael Knowles Show, host Michael Knowles remarked:

"Burning Man is this festival in the desert where hippies go, and they all have s*x with each other and do a bunch of drugs and worship a burning effigy of a demon. They've been doing this for 10 years now, more than that. It's all the hippies go. Well, it's dying."

Reviewing a report by Bloomberg, published on July 22, Knowles explained that the Burning Man Project, a non-profit organization, spent $59 million last year to host the festival. However, due to a decline in ticket sales, the year's revenue was expected to fall $20 million short of its expenses.

Reacting to the news, Michael likened Burning Man's $20 million loss to Stephen Colbert's show's $40 million annual deficit.

"That's about half as short as the budget deficit for the Stephen Colbert show, which just got cancelled. Stephen Colbert was losing 40 million bucks a year, but Burning Man not far behind, 20 million."

Started in 1986, the Burning Man Festival is held annually for nine days in Nevada's remote Black Rock Desert. The event celebrates music, art, and culture. A noteworthy aspect of the event is that people don't buy or sell goods; instead, they depend on self-reliance and gifting. The event concludes with burning a huge wooden statue called "The Man."

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Stephen Colbert's show ends after 10 seasons

In the July 17 episode of The Late Show, host Stephen Colbert announced that CBS would be canceling the show in May 2026.

"Before we start the show, I want you to know something that I found out just last night. Next year will be our last season. The network will be ending the Late Show in May," Colbert stated.

As the audience responded with boos, Colbert said he shared their feelings and added that he would not be replaced, since the network is ending the entire Late Show franchise.

"This is all just going away," Stephen Colbert added.

He further expressed gratitude to the audience, the house band, and the Tiffany Network for giving him a platform and a "beautiful theatre to call home." The 61-year-old further added:

"I am extraordinarily, deeply grateful to the 200 people who work here. We get to do this show. We get to do this show for each other every day, all day, and I've had the pleasure and the responsibility of sharing what we do every day with you in front of this camera for the last 10 years."

The show's cancellations came days after Colbert criticized the network's parent company, Paramount, for its $16 million settlement with President Donald Trump.

For the unversed, in October 2024, President Trump filed a lawsuit against Paramount, alleging they deceptively edited an interview with former Vice President Kamala Harris on 60 Minutes to "tip the scales in favour of the Democratic party," per the BBC.

In response, Stephen Colbert criticized the settlement, calling it a "big fat bribe" in his July 14 monologue on The Late Show.

"I am offended. I don’t know if anything — anything — will repair my trust in this company. But, just taking a stab at it, I’d say $16 million would help," Colbert stated.

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Stephen Colbert took over The Late Show in September 2015 following David Letterman's departure. The final episodes of the show will air during the 2025-2026 TV season, per People Magazine.