Top lawmakers were quick to rally around Stephen Colbert following the cancellation of "The Late Show." Why it matters: Sens. Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.) accused CBS of placating President Trump as its parent company Paramount is closing in on a merger deal.

CBS brass say they pulled the plug on “The Late Show with Stephen Colbert” because of its punishing losses — pegged between $40 million and $50 million a year — and claim politics had nothing to do with it,