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The CBS television chief broke his public silence about the decision to cancel "The Late Show with Stephen Colbert ," echoing company talking points Thursday that the program will be shuttered for purely economic reasons.

Paramount Chair of TV Media George Cheeks spoke about canceling Colbert’s show during a press conference following the close of a long-planned merger that put CBS’ parent company under new ownership. Cheeks, one of the few executives from the previous regime to stick around after the Skydance Media merger, oversaw all of CBS when the decision was made to cancel the program.

"We are huge fans of Colbert, we love the show. Unfortunately, the economics made it a challenge for us to keep going," Cheeks told

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