CBS executive George Cheeks said Stephen Colbert's "Late Show" cancellation was due to economic challenges and declining late-night advertising revenue.

There has been much written about CBS ’ decision to cancel The Late Show with Stephen Colbert but there’s been little word out of the company itself. But after Skydance ’s deal to takeover Paramount became official this morning, George Cheeks, who is Chair of TV Media at the company, put his head above the parapet.