Paramount, which owns CBS as well as “Daily Show” network Comedy Central, is trying to complete a merger with Skydance. That deal requires approval from the FCC, the current chair of which was appointed by President Donald Trump, a frequent target of Colbert’s jokes who has complained openly about Colbert and other late night hosts.

In his first episode since announcing "The Late Show's" cancellation, Stephen Colbert had choice words for President Trump, who'd celebrated the news.