Stephen Colbert and his money-losing CBS late-night show would have been canceled even sooner if the merger between parent company Paramount and Skydance wasn’t held up, On The Money has learned. People at the independent studio and their partners Redbird Capital in the $8 billion takeover of the media giant have been busy crunching P&L (profit and loss) of CBS and are seeing a lot more L than P – particularly when it comes to “The Late

Some Democrats are irate over the end of Stephen Colbert’s show, but others see a lack of focus on real issues.

If the show loses $40 million a year, one reason for cancelling the show might be that Paramount is trying to clean up its balance sheet for the merger, which is the case in many mergers and acquisit...