Stephen Colbert’s Late Show has returned for a star-studded farewell run featuring guests like John Oliver, Cate Blanchett, and Billie Eilish, as CBS prepares to end the nine-year era of its flagship late-night program — a decision driven by shifting audiences that leaves fans both celebrating and mourning its final chapter.

After weeks of speculation and a cloud of uncertainty surrounding its future, The Late Show with Stephen Colbert is officially back on CBS — but this return comes with both celebration and melancholy, as the network has confirmed that the long-running program is entering its final chapter.

Colbert, who has helmed the show since September 2015, returned to the stage in New York this week to thunderous applause from the Ed Sullivan Theater audience, signaling a bittersweet revival before the series eventually signs off for good.

The announcement of new episodes took fans and industry insiders by surprise.

Earlier this year, CBS had shocked viewers by revealing plans to wind down the show after nine seasons.

The decision came amid broader restructuring in late-night television, where changing viewing habits, streaming competition, and political fatigue have reshaped the once-dominant space.

While no exact end date has been revealed, sources suggest the final episode is expected to air before the end of this year.

In the meantime, CBS is leaning into the show’s farewell run by booking some of Colbert’s most high-profile friends and rivals in comedy and entertainment.

One of the biggest names scheduled to appear is John Oliver, the Emmy-winning host of HBO’s Last Week Tonight.

Oliver, a longtime friend and occasional collaborator of Colbert, is expected to sit down for a candid conversation that insiders describe as “equal parts roast and reflection.”

Their chemistry goes back decades, to the days when Colbert was a correspondent on The Daily Show and Oliver was carving his own path in political satire.

Fans are already buzzing about the prospect of the two sharpest voices in late-night engaging in a freewheeling exchange about comedy, politics, and the future of the medium.

In addition to Oliver, the guest lineup promises a mix of Hollywood A-listers, musicians, and political heavyweights.

While CBS has not released the full schedule, early confirmations include Oscar-winning actress Cate Blanchett, Grammy-winning artist Billie Eilish, and political figure Stacey Abrams, who previously joined Colbert during the 2020 election cycle.

Producers have hinted that more surprise appearances are in the works, with speculation ranging from former presidents to fellow late-night hosts who may join to honor Colbert’s legacy.

For Colbert himself, the return has been both emotional and reflective.

In his first monologue back, he addressed the audience with characteristic wit but also acknowledged the significance of the moment.

“I’ve been standing on this stage almost every night for nine years,” he said.

“It’s been the honor of my life to share laughs, outrage, and the occasional dance break with all of you.

And while we’re not done yet, I’ll admit — this curtain call is going to be hard.”

His remarks drew a standing ovation, underscoring the deep connection he has built with his viewers over nearly a decade.

Colbert took over The Late Show from David Letterman in 2015, inheriting one of television’s most iconic time slots.

Initially known for his satirical persona on Comedy Central’s The Colbert Report, he transitioned into a more traditional hosting role while retaining his sharp political humor.

The show quickly distinguished itself during the 2016 presidential election and the Trump years, when Colbert became one of the loudest voices of resistance in late-night, often leading in ratings against Jimmy Fallon and Jimmy Kimmel.

His blend of comedy and political critique redefined the tone of CBS’s late-night lineup and won him multiple Emmy Awards.

Yet the landscape has shifted dramatically since then.

With audiences migrating toward streaming platforms and digital clips, network late-night programs have struggled to maintain relevance.

Earlier this year, CBS’s decision to end The Late Show was seen as part of a broader retrenchment in the genre, raising questions about what — if anything — might replace it in the 11:35 p.m. slot.

Rumors have circulated about everything from a rotating guest-host format to an entirely new concept unrelated to late-night traditions.

For now, however, Colbert and his team are focused on delivering a memorable farewell.

Longtime bandleader Jon Batiste, who departed in 2022 to focus on his music career, is rumored to return for a special send-off.

Writers and producers have also teased the possibility of revisiting iconic sketches and segments from the show’s history, including “Midnight Confessions” and “Big Questions with Even Bigger Stars.”

Fans on social media have been campaigning for reunion moments with Colbert’s former colleagues from The Daily Show, such as Jon Stewart, Samantha Bee, and Steve Carell.

While the end of The Late Show with Stephen Colbert marks the close of an era, it also cements Colbert’s place in television history.

His tenure not only carried forward Letterman’s legacy but also proved that late-night could thrive as both entertainment and cultural commentary.

As the final episodes approach, the series seems determined to go out not with quiet resignation, but with the kind of wit, star power, and emotional resonance that defined its run.

As Colbert himself quipped during his return monologue: “We’ve got a little more time together — and we’re going to make it count.”

For fans, those words are both comforting and bittersweet, a reminder that while the laughter continues for now, the final bow is on the horizon.