Stephen Colbert is currently the king of the mountain. It wasn't always a sure bet, though. When David Letterman stepped away from the Ed Sullivan Theater in 2015, the industry held its breath because CBS wasn't just replacing a man; they were replacing an entire era of irony. Colbert had to pivot from a beloved, blowhard character on Comedy Central to being himself—or at least a version of himself that could sell mattresses and interview movie stars.
He did it.
The current CBS late night host managed to bridge the gap between old-school broadcasting and the hyper-politicized digital age. People forget how rocky those first six months were. The ratings weren't great. The critics were whispering that maybe he was "too smart" for the 11:35 PM slot. Then, the 2016 election cycle kicked into high gear, and Colbert found his footing by leaning into the news with a ferocity his competitors couldn't quite match.
The Evolution of the CBS Late Night Host Role
Late night is a grind. You're doing 200 episodes a year. If you aren't authentic, the camera sees it immediately. Colbert’s predecessor, David Letterman, reigned for 22 years at CBS, building a legacy on being the "outsider" even when he was the highest-paid guy on network TV. When Colbert took over The Late Show, he kept the classic desk-and-monologue format but injected it with a specific type of theater-kid energy and Jesuit-educated intellect.
It’s a weird job. You have to be a journalist, a stand-up comic, a singer, and a therapist all at once.
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Most people don't realize that the transition wasn't just about the host. The behind-the-scenes shift involved bringing in Chris Licht (who later had a very public stint at CNN) to sharpen the show’s pacing. They moved away from the experimental, "let’s see if this weird bit works" vibe of the early episodes and toward a heavy focus on the "Meanwhile" segment and hard-hitting monologues. This shift is exactly what helped Colbert overtake Jimmy Fallon in the total viewership race—a lead he’s largely maintained for years.
The After Midnight Experiment
But CBS late night isn't just the 11:35 PM slot. We have to talk about what happens when the clock strikes 12:37 AM. For years, James Corden occupied that space with The Late Late Show, bringing a high-energy, musical-theater approach that gave us "Carpool Karaoke." It was a viral sensation machine. However, when Corden left in 2023, CBS did something radical.
They killed the traditional talk show format for the later slot.
Instead of hiring another stand-up to sit behind a desk, they brought in Taylor Tomlinson to host After Midnight. It’s a reboot of the old @midnight franchise from Comedy Central. It’s a panel game show. It’s cheaper to produce than a full variety show, and it targets a demographic that doesn't actually own a television.
Honestly, it was a smart move. The "desk" format is dying. By pivoting to a comedy competition style, CBS acknowledged that the 12:30 AM audience wants fast-paced, "internet-brained" content rather than a long-form interview with a B-list actor promoting a streaming series.
Breaking Down the "Late Show" Formula
What makes a CBS late night host successful today? It’s not just the jokes. It’s the sense of community. Colbert often breaks the fourth wall. He talks about his grief, his faith, and his genuine nerdy obsession with Lord of the Rings. This vulnerability is the "secret sauce."
- The Monologue: It’s usually 10 to 15 minutes now. It’s a nightly news summary for people who can't stomach the actual news.
- The Band: Louis Cato and The Late Show Band provide a different texture than Jon Batiste’s era, focusing on a tight, funky, collaborative sound.
- The Guests: Colbert leans into "prestige" guests—politicians, authors, and high-brow actors—rather than just TikTok influencers.
Television is changing fast. In 2026, the idea of sitting down at a specific time to watch a show feels almost prehistoric to anyone under the age of 40. Yet, Colbert’s clips dominate YouTube the next morning. The "show" isn't just the 60 minutes on air; it's the 12-minute monologue that gets three million views by noon the next day.
Why Colbert Outlasted the Competition
Jimmy Fallon is great at games. Jimmy Kimmel is great at everyman relatability. But Colbert won the "Trump years" by becoming the moral compass for a specific segment of the American population. Whether you agree with his politics or not, his consistency is undeniable. He didn't shy away from the chaos; he leaned into it.
He also benefited from stability. While NBC was dealing with the messy transition from Leno to Conan and back to Leno, and eventually to Fallon, CBS stayed relatively drama-free after the Letterman retirement. They picked their guy, they stuck with him through the low ratings of 2015, and they let him build an audience.
There's a lesson there for any business.
Patience pays off in media. You can't manufacture "late night chemistry" in a lab. It takes years of someone being in your living room every night before you actually trust them. Colbert earned that trust by being the smartest guy in the room who wasn't afraid to look like the goofiest guy in the room.
The Economics of the Ed Sullivan Theater
Running a late-night show in New York City is insanely expensive. We are talking about hundreds of union employees, writers, security, and the maintenance of a historic landmark. The Ed Sullivan Theater underwent a massive renovation when Colbert started, stripping away the "Letterman box" to reveal the original dome and stained glass.
This architectural choice mirrored the show's intent: revealing the soul beneath the artifice.
The move to After Midnight for the following hour was a direct response to these rising costs. By filming on a smaller stage and using a rotating cast of comedians, CBS cut their overhead significantly while keeping the lights on. It’s a hybrid model. High-budget prestige at 11:30, lean and mean digital-friendly comedy at 12:30.
Navigating the Future of the Late Night Landscape
Is late night dying? People have been asking that since 1995. The ratings are definitely lower than they were in the Johnny Carson era, but the cultural footprint is still massive. When a CBS late night host makes a joke about a Senator, that Senator’s office hears about it.
The landscape is shifting toward "personality-driven" media. Colbert’s success proves that people don't want a generic host. They want a perspective. They want to know what their host thinks about the world. This is why the show felt so vital during the pandemic, when Colbert was broadcasting from his bathtub or his spare bedroom. The glitz was gone, but the connection remained.
- Watch the Monologue for Context: If you want to understand the current political zeitgeist, Colbert’s opening 10 minutes is a masterclass in synthesis.
- Check Out After Midnight for New Talent: If you're tired of the same five celebrities on every talk show, Tomlinson’s show is the best place to find your next favorite stand-up comic.
- Analyze the Digital Strategy: Notice how CBS segments their content. They don't just post the whole show; they post "chapters." This is how you survive in a 2026 media environment.
To really get the most out of late night, stop viewing it as a variety show and start viewing it as a daily editorial. The era of the "neutral" host is over. The current CBS lineup is built on the idea that you’re not just watching for the jokes; you’re watching because you like the person telling them. That is the only way to compete with the infinite scroll of social media.
Follow the ratings trends on sites like Variety or The Hollywood Reporter to see how these shows are adapting to the streaming-first world. The battle isn't for the TV set anymore; it's for the smartphone screen. If you're looking for a deep dive into the history of the format, Bill Carter’s books The Late Shift and The War for Late Night are the gold standard, though they pre-date the Colbert era. For the modern context, paying attention to the "Plus" digital expansions on Paramount+ is key to seeing where CBS is taking the brand next.