‘The Late Show With Stephen Colbert’ is set to air its final episode May 21.

Jimmy Fallon serenades Late Show host with ‘Stephen’s Way’: ‘CBS, they said you’re through, and now it’s down to just two Jimmys’

'The Late Show With Stephen Colbert' is set to air its final episode May 21.

By Raechal Shewfelt

Raechal Shewfelt

Raechal Shewfelt is a writer at **. She has been working at EW since 2024. Her work has previously appeared on Yahoo and in American *Journalism Review* and *The Shreveport Times*.

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March 6, 2026 1:01 a.m. ET

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Jimmy Fallon visits 'The Late Show With Stephen Colbert' on March 5. Credit:

Scott Kowalchyk/CBS

The farewell to *Late Night* host Stephen Colbert was in full swing Thursday, as the host of *The Tonight Show Starring Jimmy Fallon* dropped by to serenade his friend and fellow talk-show personality.

Always the singer, Fallon belted out a personalized version of Frank Sinatra's "My Way" — he called it "Stephen's Way" — after feigning that he didn't want to put on a show. Following much applause from the audience, Fallon grabbed a mic, as he sat in the guest's chair next to Colbert's desk, and sang.

He tweaked some of the lyrics to Sinatra's 1969 track to, for instance, "But Trump, he made it clear/he wants you gone/of that we're certain."

Another verse featured the lyrics, "CBS, they said you're through/And now it's down to just two Jimmys," referring also to the host of ABC's *Jimmy Kimmel Liv*e.

Colbert's show, which was hosted by David Letterman when it premiered in 1993, is set to end in May. The show's network, CBS, announced in July that the upcoming season would be the franchise's last.

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At the time, CBS said in a statement, "*The Late Show With Stephen Colbert* will end its historic run in May 2026 at the end of the broadcast season. We consider Stephen Colbert irreplaceable and will retire *The Late Show *franchise at that time. We are proud that Stephen called CBS home. He and the broadcast will be remembered in the pantheon of greats that graced late night television."

Trump has made it clear that he does not appreciate the current faces of late night, including Colbert. His FCC Chair Brendan Carr feels the same way.

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The network emphasized that ending the show was "purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show's performance, content or other matters happening at Paramount."

Still, there were theories that Colbert had been fired to appease Trump, to whom the network's parent company, Paramount Global, paid a settlement of $16 million after the former *Apprentice* host sued over the editing of a *60 Minutes* interview with then-Vice President Kamala Harris.

Colbert addressed the issue of the president's influence on a November episode: "That is the network's decision."

'The Late Show With Stephen Colbert' welcomes Jimmy Fallon.

Scott Kowalchyk/CBS

Trump celebrated when the series was canceled.

"I absolutely love that Colbert got fired," he posted on Truth Social, adding that the comedian's "talent was even less than his ratings."

Colbert's on-air response was "Go f--- yourself."

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