A new report revealed Stephen Colbert's manager knew about "The Late Show" cancellation weeks before the host, with sources claiming the decision was financially motivated.

CBS canceled Stephen Colbert’s late-night show. Democrat Minnesota Gov. and failed vice-presidential candidate Tim Walz, who recently appeared on the

There’s a very simple reason why “The Late Show with Stephen Colbert” was canceled by CBS: the program was losing huge amounts of money, Puck reported. Colbert had to walk the plank because “The Late Show” was losing $40 million a year.

CBS announced Thursday “The Late Show” will end in May at the end of its broadcast season. Though CBS and parent company Paramount said the choice to cancel the series was “purely a financial decision,” and the show was reportedly losing the network $40 million a year, many liberal commentators claim it was for political reasons.

The shocking cancellation of Late Show With Stephen Colbert raises questions about the Paramount merger and Trump's influence.

The union says of the Colbert cancellation, "Now, more urgently than ever, is a time for courage, not cowardice."