EXCLUSIVE: Late Night Limbo — 'Axes Dangling' Over Stephen Colbert and Jon Stewart's Heads Amid Paramount Takeover Deal
Stephen Colbert and Jon Stewart's futures at Paramount-owned networks could be at risk amid a pending merger.
July 9 2025, Published 8:30 p.m. ET
Jon Stewart and Stephen Colbert's late-night tenures face an uncertain future as Skydance Media CEO David Ellison's $8billion Paramount takeover has stalled for a second time, RadarOnline.com can reveal.
A second 90-day extension was enacted regarding the merger between Paramount, the parent company of Colbert and Stewart's networks, CBS, and Comedy Central, respectively, on July 7.
The extension has bought regulators, executives, and the Federal Communications Commission (FCC) more time to work out the deal.
One key issue standing in the way of the deal is the FCC's pending approval of CBS' broadcast license transfer to Skydance Media.
$16Million Settlement
President Trump secured a $16million settlement with Paramount over Kamala Harris' '60 Minutes' interview.
The extension also comes in the wake of Paramount's $16million settlement with Donald Trump.
Trump sued the network over former Vice President Kamala Harris' 60 Minutes interview, which he alleged was unfairly edited.
Paramount's stunning decision to settle the lawsuit has brought intense scrutiny, with critics suggesting the payoff was bending the knee to Trump to minimize political retaliation.
'Side Deal'
The Skydance CEO is suspected of cutting a 'side deal' with Trump.
Meanwhile, critics' fears over how the Paramount settlement could reshape media were heightened on July 3, when the president appeared to confirm suspicions of a "side deal" being struck with David, who is the son of Oracle billionaire co-founder Larry Ellison.
In response to questions about the settlement, Trump reportedly told the press pool: "We did a deal for about $16 million plus $16 million, or maybe more than that, in advertising... It's like $32 to maybe $35 million."
The "advertising" in question referenced reporting from Fox Business’ Charlie Gasparino on David’s alleged private agreement to run PSAs supporting Trump-backed causes.
Outspoken Critics
Stewart has long criticized Trump and his administration on 'The Daily Show.'
Trump further fueled concerns by gushing over his "friend" Larry, saying: "I think he's going to run CBS really well, and I think he's making a good deal to buy it. I think he's great."
He also called David "a fantastic young man."
Given the president's praise of the Ellises, outspoken Trump critics Colbert and Stewart could be on the chopping block if the takeover goes through.
Stewart recently called out the merger mess during an appearance on Bill Simmons' podcast, saying: "What you’re seeing now is all must pay tribute to the kin."
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Stewart said his network could be 'bought out by people that don’t want anything to do with his talk show.'
The Daily Show host also addressed his future with Paramount, saying: "I’m in a spot where I can do (The Daily Show) on Monday until the company is bought out by people that don’t want anything to do with The Daily Show."
David's merger has been in the works since 2023, when former Paramount CEO Bob Bakish was shopping potential mergers with the likes of Warner Bros. Discovery before catching Skydance’s attention.
But Shari Redstone, who serves as the controlling shareholder of the network, was apprehensive about the merger from the start.
Skydance initially offered $2billion in cash and stock, which was laughed at, and Bakish was ousted in April 2024 over his disagreement with Redstone. Months later, in July, an agreement with Skydance was reached that would effectively end the Redstone family’s longstanding control over Paramount.
The tech billionaire’s son has laid out a plan to increase AI-assisted production at the network, as well as refine their streaming service Paramount+.
