CBS to cancel "The Late Show with Stephen Colbert" after next season

• CBS said in a statement the decision came "against a challenging backdrop in late night" and it's "not related in any way to the show's performance, content or other matters happening at Paramount."

What he's saying: Colbert said at the show's taping Thursday that he found out about the program's cancellation a day earlier.

• In response to the studio audience booing at his announcement, Colbert said, "Yeah, I share your feelings."

Zoom in: The network expressed its admiration and respect for Colbert and his team, saying that it made the "agonizing decision even more difficult."

• The show has been No. 1 in the late-night slot for nine straight seasons, CBS said, adding that "the broadcast is a staple of the nation's zeitgeist."

Go deeper: Why late-night TV is rapidly declining

Editor's note: This article has been updated with new details throughout.