CBS is canceling “The Late Show With Stephen Colbert” next May, shuttering a decades-old TV institution in a changing media landscape and removing from air one of President Donald Trump’s most prominent and persistent late-night critics.

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.

Colbert, 61, announced the news during the Thursday, July 17, episode taping of his late night show, saying, “Before we start the show I want to let you know something that I found out just last night. Next year will be our last season, the network [CBS] will be ending The Late Show in May.”