Stephen Colbert announces Late Show cancelled by CBS

Stephen Colbert arriving at a screening of The Late Show (Richard Shotwell/Invision/AP)

CBS is cancelling The Late Show With Stephen Colbert next May, ending a decades-old TV institution and removing from air one of US President Donald Trump’s most prominent and persistent late-night critics.

The announcement followed Colbert’s criticism on Monday of a settlement between Mr Trump and Paramount Global, parent company of CBS, over a 60 Minutes story.