Last night, Stephen Colbert responded to CBS’s shocking announcement that The Late Show will end next May. In his monologue, he asked rhetorically, “How could it be purely a financial decision if The Late Show is No. 1 in ratings?” Many are asking the same thing, pointing to shifts in mainstream media from liberal to conservative bias. However, studies show that younger viewers are turning to streaming, video, and social media, while older viewers are staying with broadcast television. So the story could be more about demographics than cultural transformation. Therein lies the larger point I want us to consider today.

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