When it was announced in 2014 that Stephen Colbert would succeed David Letterman as host of the CBS “Late Show,” reaction was mixed. Letterman, who retired after helming the talk show for 22 years, had a loyal audience. At that point, Colbert was best known for playing a satirical version of himself on Comedy Central’s “The Colbert Report.”

CBS, owned by Paramount (PARA), has canceled late night staple "The Late Show With Stephen Colbert." The Hollywood Reporter Media and Business Writer Alex Weprin takes a closer look at the cancellation and the reasons why CBS may have made the move.