Letterman didn’t believe the financial hardship claims were the reason for the cancellation, instead blaming the company executives who feared Paramount’s sale to Skydance wouldn’t go through.

Sen. Adam Schiff, D-Calif., said, “If Paramount and CBS ended ‘The Late Show’ for political reasons, the public deserves to know. And deserves better.”

However, industry observers have speculated that Colbert’s political satire may have played a role.