The entertainment world is still buzzing after CBS announced it will cancel The Late Show with Stephen Colbert next May—bringing an end not just to Colbert’s run, but to the entire Late Show franchise, which began in 1993. Despite Colbert consistently leading late-night ratings, CBS cited financial pressures as the key reason for the decision. The surprise move has sparked broader questions about the future of late-night television in the age of streaming and changing viewer habits.

Phil Napoli, professor at Duke University’s Sanford School of Public Policy, joined Jeff Hamlin to discuss what the cancellation might mean for the genre’s future.