Colbert canceled by CBS days after his withering criticism of parent company’s Trump settlement

CBS is canceling “The Late Show With Stephen Colbert” next May, shuttering a decades-old TV institution in a changing media landscape and removing from air one of President Donald Trump’s most prominent and persistent late-night critics.

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

Colbert told his audience at New York’s Ed Sullivan Theater that he had learned Wednesday night that after a decade on air...