Hollywood hasnât seen a plot twist like this in years. For months, whispers swirled that Stephen Colbertâs reign at The Late Show was ending. Ratings had dipped, CBS executives grew restless, and late-night television itself seemed to be sinking into irrelevance. Then came the bombshell: Colbert was out. Industry analysts nodded grimly, writing his obituary in the entertainment world. âHe had a good run,â one insider said. âBut his style is outdated. The new generation has moved on.â