In this TMZ Live video, breaking news is revealed about CBS planning to cancel the Late Show with Stephen Colbert. The segment discusses Colbert's impending departure after one more season, signaling a shift in his career and late-night television. Viewers get insights into the reasons behind the cancellation and the potential future for Colbert. The video is engaging and timely, providing fans and viewers with all the latest updates on this significant change in late-night TV.