NewsNation) — “Shark Tank’s” Kevin O’Leary wants “The Late Show’s” Stephen Colbert to be fired for insulting CBS and the president, after the network announced on Thursday it’s cancelling the show.  

The Canadian businessman appeared on CNN Tuesday where he discussed the network’s axing the long-running show, and Colbert’s response to President Donald Trump celebrating the cancellation.  

“Get rid of this guy! If I were them, I’d whack this guy tomorrow,” O’Leary said.   

On Friday, Trump took to Truth Social, writing that he loved that “Colbert got fired.” Adding that, “his talent was even less than his ratings.” 

Colbert, in response to the president, said on Monday, “How dare you, sir. Would an untalented man be able to compose the following satirical witticism: ‘Go f‑‑‑ yourself.’”   

“The Shark Tank” personality called the “The Late Show” host a “moron” for insulting Trump before he gets his payout from the network.  

Stephen Colbert called CBS/Trump settlement a ‘big, fat bribe’  

CBS and Paramount Global and its parent company said they’re taking the show off the air for economic reasons.  

The day before the cancellation, Colbert had publicly criticized Paramount Global for settling a lawsuit with Trump for $16 million, calling it a “big, fat bribe.” 

Additionally, Paramount Global is seeking approval to merge with Skydance, and there have been theories that CBS fired Colbert because of his criticisms of Trump.  

Stephen Colbert was #1 in the ratings  

O’Leary claims that CBS had lost “$46.2 million” on the franchise, adding that it was “old” and “dead,” according to The Hill.  

“People geometrically are not watching late night TV anymore,” O’Leary told Abby Phillip. 

“The Late Show with Stephen Colbert” was the most-watched show in its timeslot, averaging 2.4 million viewers in the second quarter of 2025, according to LateNighter.com, citing Nielsen data.  

Stephen Colbert gets support from fellow late-night comedians  

Following the cancellation news, fellow late-night hosts and celebrities expressed support for Colbert. 

NBC‘s “Tonight Show” host Jimmy Fallon said on Instagram, “I’m just as shocked as everyone. Stephen is one of the sharpest, funniest hosts to ever do it. I really thought I’d ride this out with him for years to come. I’m sad that my family and friends will need a new show to watch every night at 11:30.” 

John Oliver, host of HBO’s “Last Week Tonight,” said, “I love Stephen, I love his staff. I love that show. It’s incredibly sad. I am partly excited to see what they’re going to do for the next 10 months.” 

“Love you Stephen,” Jimmy Kimmel said on Instagram.