CBS’s decision to cancel The Late Show with Stephen Colbert remains a major topic of controversy, but aside from the initial statement issued by the network, executives have stayed largely silent about the debacle — until now.

After Skydance’s takeover of Paramount became official on August 7, Paramount Global TV Media Chairman George Cheeks made a statement addressing the end of The Late Show.

“The challenge in late night is that the advertising marketplace is in significant secular decline,” Cheeks stated at a press conference. “We are huge fans of Colbert, we love the show, unfortunately, the economics made it a challenge for us to keep going.” The comment reaffirms the company’s stance from the original announcement that the decision was financial and not based on Stephen Colb

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