While Trump celebrates the demise of Stephen Colbert’s show, the economics of late-night TV are crumbling

CBS says its decision to end Stephen Colbert’s late-night comedy show is financial, not political. Yet even with the ample skepticism about that explanation, there’s no denying the economics were not working in Colbert’s favor.

The network’s bombshell announcement late Thursday that the “Late Show” will end next May takes away President Donald Trump’s most prominent TV critic and the most popular entertainment program in its genre.

The television industry’s declining economic...