A new report from Puck's Matt Belloni is shedding light on the finances that led to CBS' bombshell cancellation of "The Late Show with Stephen Colbert."

"Just finished taping with Stephen Colbert who announced his show was cancelled," U.S. Sen. Adam Schiff, D-California, said in a post on X. "If Paramount and CBS ended the Late Show for political reasons, the public deserves to know. And deserves better.