Talk show host Stephen Colbert drew applause from his audience on Tuesday night as he argued his network should be able to support his show if they can fork out enough cash to pursue a hostile takeover of another media company.

There is currently a massive bidding war over which company will buy Warner Bros. Discovery, which recently put itself up for sale and holds the rights to movie franchises ranging from “Lord of the Rings” to “Harry Potter.”

While Netflix moved to acquire Warner Bros. in a deal valued at $82.7 billion, Paramount has significantly upped the ante by launching a hostile takeover bid.

Paramount Skydance announced Monday it has launched an all-cash tender offer to acquire the outstanding shares of Warner Bros.

Discovery for $30.00 per share in cash, with the company suggesting it’s a “superior” offer than the recently announced $82.7 billion Netflix deal.

“Just yesterday morning, my beloved parent company, Paramount, reportedly launched a hostile takeover bid for Warner Brothers valued at $108 billion. Wow. If my company’s got that kind of green, I’m sure they can afford to un-cancel one of their best shows,” he said.

Colbert was making a tongue-in-cheek reference to the cancellation of his own show, which will be axed by CBS in spring 2026.
Stephen Colbert received praise after he said his show could’ve been saved since Paramount had more than enough cash to take over Warner Bros. Discovery.
The show’s cancellation follows the network and its parent company’s settlement with Trump earlier after he sued both for “election interference” over a “60 Minutes” interview edit of his 2024 opponent, then-Vice President Kamala Harris.

This is also amid a widespread decline in the popularity of late-night talk shows as a format amid a shifting media landscape and generational change.

As the audience erupted in cheers, he eventually asked them to sit down, joking that the actual show he was talking about was the crime drama series “the Equalizer” starring Queen Latifah, and not his own show.
Paramount proposed an all-cash tender offer to acquire the outstanding shares of Warner Bros. Discovery.AFP via Getty Images
“CBS, you head the people, bring back ‘The Equalizer!’ We need our queen to return. Why do you think America has become so UN-equalized?”

Colbert has not been shy about criticizing his parent company.

But one aspect of the deal, Colbert joked sarcastically, is particularly foreboding.

“Turns out, Paramount got a little assist on the cash front. Their bid includes $24 billion from Saudi Arabia, Qatar, and Abu Dhabi wealth funds, and when the dictator of Saudi Arabia gives you billions of dollars, I’m sure there’s no catch,” he said with clear sarcasm, going on to joke, “In a totally unrelated story, I’m looking forward to next season’s new CBS hit comedy, “Young Mohammed bin Sheldon.”