Just as Stephen Colbert and other late-night comics found their political voice, streaming shifted the power dynamics. As their influence waned, Trump’s rose.

Late-night television had been fighting for its survival even before “The Late Show with Stephen Colbert” was canceled this week.

In a statement on Thursday, the network said the late-night talk show was being canceled for financial reasons. Those reasons are associated with Paramount's proposed merger with Skydance Media, which requires Federal Communications Commission (FCC) approval under the Trump administration. Paramount is the parent company of CBS.