CBS said Thursday that it was canceling “The Late Show With Stephen Colbert” and retiring a late-night franchise that has existed for more than three decades. Mr. Colbert’s run — and “The Late Show” itself — will end in May.

CBS announced on Thursday that "The Late Show With Stephen Colbert" will be canceled after next year, ending a series that has been running for more than three decades. Colbert announced the talk show's cancellation on Thursday via a clip of his new episode,