BIG PROBLEM: Paramount Chairman Makes Heartbreaking Confession About Late Night TV After Stephen Colbert’s Firing

A boss at Paramount has spoken out over the future of late-night programming, after the shock decision for one of its companies to axe The Late Show with Stephen Colbert.

CBS, a subsidiary of Paramount Global, disclosed the show’s cancellation in July, citing financial reasons. The popular talk show then confirmed to viewers last month that it would end next year after ten years on air.

Now the new president of Paramount Jeff Shell has said all late night shows are facing “a huge problem right now,” which also comes after Pɾes¡dent Dönald Tɾu3p made it clear he was unhappy with Colbert as well as several other outspoken TV personalities.

Speaking at a press conference with other top Paramount executives, Shell explained, “Late-night has a huge problem right now. The problem is that 80 percent of the viewership and growing is on YouTube.” He then added that YouTube pays “45 cents on the dollar,” adding that television companies cannot “make it work economically anymore.”

CBS conveyed in a statement provided to PEOPLE, “This is 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. Our admiration, affection, and respect for the talents of Stephen Colbert and his incredible team made this agonizing decision even more difficult.”

During his opening monologue on The Late Show in July, Colbert announced the impending conclusion of his show, telling the audience, “Before we start the show, I want you to know something that I found out just last night. Next year will be our last season. The network will be ending The Late Show in May.”

He added, “It’s not just the end of our show, but it’s the end of The Late Show on CBS. I’m not being replaced. This is all just going away. And I do want to say that the folks at CBS have been great partners.”

He also expressed his gratitude to the team working behind the scenes, stating, “I am extraordinarily, deeply grateful to the 200 people who work here. We get to do this show. We get to do this show for each other every day, all day, and I’ve had the pleasure and the responsibility of sharing what we do every day with you in front of this camera for the last 10 years.”

“And let me tell you, it is a fantastic job. I wish somebody else were getting it, and it’s a job that I’m looking forward to doing with this usual gang of idiots for another 10 months. It’s gonna be fun.”