Stephen Colbert speaking during The Late Show

Paramount’s attempt to acquire Warner Bros. Discovery has late-night host Stephen Colbert questioning the logic behind the drastic move.

Earlier this week, Paramount’s CEO, David Ellison, made an unsolicited bid to take over Warner Bros. Discovery. The offer came shortly after the studio struck a deal with Netflix. The agreement gives the streaming platform ownership of Warner Bros. film and television franchises, as well as HBO and HBO Max.

Netflix and WBD’s agreement is valued at $82.7 billion, translating to $27.75 per stock. Paramount, however, upped the numbers with a new offer, raising the numbers to $30-per-share, making its proposal to over $108 billion.

The shocking figures raised the eyebrows of many and caught the attention of Colbert. The late-night host offered his opinion regarding Paramount’s strange but bold move during The Late Show With Stephen Colbert, which is aired on the Paramount-owned network, CBS. He stated during his monologue about how, if the studio had that kind of money to throw away, then they could definitely afford not to cancel one of their best shows and jokingly demanded that the studio bring back The Equalizer.

Stephen Colbert wonders why 'The Late Show' was canceled if Paramount has $108 billion to offer for Warner Bros.

Wow. I gotta say, if my company’s got that kind of green, I’m sure they can afford to un-cancel one of their best shows. CBS, you heard the people — bring back The Equalizer.

Back in July, CBS revealed that The Late Show would be cancelled after its current run (season 11), which will end in May 2026. The statement was released just weeks before Skydance officially acquired Paramount. The company blamed the decision on financial issues, saying the program loses the network around $40 million every year.

Colbert went on to mention that Paramount’s offer for WBD is backed by $24 billion from international wealth funds in Saudi Arabia, Qatar, and Abu Dhabi. He sarcastically added that he was absolutely positive that these contributions didn’t come with any contingencies at all. The late-night host also joked that he was expecting a new CBS show titled Young Mohammed bin Sheldon.

And when the dictator of Saudi Arabia gives you billions of dollars, I’m sure there’s no catch. In a totally unrelated story, I’m looking forward to next season’s new CBS hit comedy, Young Mohammed bin Sheldon.


The Late Show With Stephen Colbert airs Mondays to Thursdays at 11:35 PM ET and 8:35 PM PT on CBS. The last episode of the series will air in May 2026.