John Oliver is calling the cancellation of The Late Show With Stephen Colbert “incredibly sad.” While speaking to reporters over the weekend, Oliver was asked his thoughts about the news, which CBS revealed in a surprise announcement on Thursday. A daily brief about what matters and what's interesting in Hollywood.

CBS said it is canceling “The Late Show With Stephen Colbert” at the end of the upcoming television season in May, a casualty of industry changes that have dealt a crippling blow to advertising revenue.

A new report from Puck's Matt Belloni is shedding light on the finances that led to CBS' bombshell cancellation of "The Late Show with Stephen Colbert."