John Oliver has weighed in on CBS' cancellation of "The Late Show With Stephen Colbert," calling it "terrible news for the world of comedy."

The decision "is not related in any way to the show’s performance, content or other matters happening at Paramount," the network said.

Stephen Colbert riffed Paramount Global’s $16 million settlement of Donald Trump’s lawsuit, calling the payment a “big fat bribe” and joking about the prospects that new owner Skydance will try pressure him to back off from humor directed at the president.

CBS’ decision to cut ties with Stephen Colbert and its decades-old “Late Show” franchise come next May will leave a major hole in the format — but one that has been widening. TV networks have been cutting costs at their late-night mainstays for the past few years.