The Late Show with Stephen Colbert is coming to an end

He said: "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 will be ending The Late Show in May."

Stephen - who replaced David Letterman at the helm in 2015 - won't be handing the show over to another presenter because it has been axed entirely.

To boos from the audience, he added: "I share your feelings. It's not just the end of our show but it's the end of The Late Show on CBS. I'm not being replaced. This is all just going away. I do want to say that the folks at CBS have been great partners ... And I'm grateful to the audience, you, who have joined us every night, in here, out there, and all around the world.

"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.

"And let me tell you, it is a fantastic job. I wish somebody else was getting it, and it's a job that I'm looking forward to doing with this usual gang of idiots for another 10 months. It's gonna be fun."

Network chiefs praised Stephen for his work on the show and insisted he was "irreplacable".

Co-CEO of Paramount Global and President and Chief ex ecutive Officer of CBS George Cheeks, President of CBS Entertainment Amy Reisenbach and President of CBS Studios David Staph said in a statement: "The Late Show with Stephen Colbert will end its historic run in May 2026 at the end of the broadcast season. We consider Stephen Colbert irreplaceable and will retire The Late Show franchise at that time.

"We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television."

The statement insisted the decision to cancel the show was purely a "financial" one.

It continued: "This is purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show's performance, content or other matters happening at Paramount.

"Our admiration, affection, and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult. Stephen has taken CBS late night by storm with cutting-edge comedy, a must-watch monologue and interviews with leaders in entertainment, politics, news and newsmakers across all areas.

"The show has been #1 in late night for nine straight seasons; Stephen's comedy resonates daily across digital and social media; and the broadcast is a staple of the nation's zeitgeist.

"The accomplishments of The Late Show With Stephen Colbert are memorable and significant in performance, quality and stature. With much gratitude, we look forward to honouring Stephen and celebrating the show over the next 10 months alongside its millions of fans and viewers."