Paramount Global’s stock is up 25% this year. What’s driving it is the pending merger between Paramount and Skydance Media.

As you’ve likely heard, CBS — which is owned by Paramount — has decided to cancel “The Late Show with Stephen Colbert.” Per Reuters, the program is the most-watched late-night show on U.S. broadcast television. However, it will end its 10-year run in May 2026, with the show being retired altogether.

CBS' shock announcement sparked speculation over whether there was a political motive for the program's cancellation.