The late-night legend took aim at his former network home and David Ellison's media company, speculating that Colbert's show was canceled for political reasons.

Sen. Adam Schiff, D-Calif., said, “If Paramount and CBS ended ‘The Late Show’ for political reasons, the public deserves to know. And deserves better.”

However, industry observers have speculated that Colbert’s political satire may have played a role.