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

Colbert shared the news with his studio audience ahead of the show Thursday, telling them CBS canceled the show. Read what he said.

The cancellation comes shortly after Paramount, on July 1, agreed to pay President Donald Trump a $16 million settlement over a lawsuit the president filed against it. The lawsuit accused CBS's "60 Minutes" of "deceptive editing" of his interview with presidential rival Kamala Harris.