In a shocking turn of events, CBS canceled The Late Show with Stephen Colbert, and the reasoning behind the decision is more confusing than ever.

CBS, in announcing the cancellation of "The Late Show with Stephen Colbert," has called the move a "purely financial decision."

In a decision that shocked the entertainment industry and comedy world, CBS said on Thursday that it was canceling the most-watched show in late night, “The Late Show With Stephen Colbert,” and ending a franchise that has existed for more than three decades.