“Last Week Tonight” host John Oliver noted that the cancellation of “The Late Show with Stephen Colbert” is “very sad” while speaking with reporters Saturday night. Oliver added of his friend, “I love Stephen, I love his staff. I love that show, it’s incredibly sad.”

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.

In a statement on Thursday, the network said the late-night talk show was being canceled for financial reasons. Those reasons are associated with Paramount's proposed merger with Skydance Media, which requires Federal Communications Commission (FCC) approval under the Trump administration. Paramount is the parent company of CBS.