President Donald Trump is gloating over CBS’s decision to cancel The Late Show. The abrupt cancellation, which blindsided its host, Stephen Colbert, has been described as a win for Trump, who has been the most frequent subject of the show’s late-night jokes and criticism in recent years.

Stephen Colbert was receiving messages of support and affection from his fellow late-night hosts after announcing that CBS was canceling his show, “The Late Show With Stephen Colbert,” next May.

CBS executives said in a statement that dropping the show was "purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show's performance, conten...