The Late Show with Stephen Colbert may have taken its final bow, but late night is hardly lying six feet under. The CBS franchise aired its final episode in May 2026, ending a 33-year late-night run, with CBS and Paramount citing high production costs behind the cancellation. Still, Stephen Colbert sees late-night shows alive, thriving, and keeping free speech very much in business.

So, while his own show got the financial equivalent of a one-way ticket, Stephen Colbert is still betting on late night.

Stephen Colbert had another reason to celebrate after taking home the Outstanding Variety Series Emmy on Monday night. Speaking with CNN correspondent Elizabeth Wagmeister and Variety co-president and co-editor-in-chief Ramin Setoodeh after the ceremony, the late-night host sounded surprisingly upbeat about the state of television comedy, despite his own show having already taken its final bow.

“Because if you can’t say something because you go to jail, that is a violation of free speech,” Stephen Colbert said, making it clear that he still believes “free speech is alive and well.” For the comedian, late-night television remains a place where people can speak their minds, joke about the world around them, and keep the conversation moving without fear of crossing an invisible line.

As per Variety, Stephen Colbert also made sure to give his fellow late-night hosts their flowers, praising the likes of Jimmy Fallon, Jimmy Kimmel, John Oliver, John Mulaney, Seth Meyers, and everyone else keeping the format buzzing. He called the opportunity to work alongside such people “the greatest gift,” proving that even without his own show, the late-night love affair is still very much alive.

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Between accepting Emmy glory, pitching for his show crew, and declaring that free speech is “alive and well,” Stephen Colbert has also offered a glimpse into his next move, through his own mouth.

With The Late Show ending in May 2026 and Stephen Colbert celebrating an Outstanding Variety Series Emmy, the comedian already has his next chapter mapped out. Rather than immediately chasing another television gig, Colbert is throwing himself into co-writing a new Lord of the Rings movie. He has been spending considerable time developing the project in New Zealand.

“You ever written a Lord of the Rings movie? It’s a full-time job,” he said after being questioned by journalists backstage at the Emmys.

For Stephen Colbert, the Tolkien-inspired project is no casual side quest. He is writing the screenplay with Philippa Boyens and Peter McGee, adapting six chapters from The Fellowship of the Ring that Peter Jackson’s original trilogy left out. The idea began with Colbert and his screenwriter son before the comedian approached Peter Jackson, eventually leading to Warner Bros. greenlighting the project.

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