The cancellation comes shortly after Paramount, on July 1, agreed to pay President Donald Trump a $16 million settlement over a lawsuit the president filed against it. The lawsuit accused CBS's "60 Minutes" of "deceptive editing" of his interview with presidential rival Kamala Harris.

The Thursday night announcement came just two weeks after the parent company of CBS, Paramount, settled a lawsuit lodged by President Trump against CBS News.

Fox News host Jesse Watters and Outkick founder Clay Travis commented about CBS and Paramount abruptly canceling "The Late Show with Stephen Colbert."