In a shocking turn of events, CBS canceled The Late Show with Stephen Colbert, and the reasoning behind the decision is more confusing than ever.

CBS, in announcing the cancellation of "The Late Show with Stephen Colbert," has called the move a "purely financial decision."

When Paramount listed its slate of highly rated TV shows during its last earnings report, including "Tracker," the top rated series and "Matlock," the highest rated new series, it also listed Colbert's "The Late Show" as the highest rated broadcast late night show. "The Daily Show," also from Paramount, was the top late night show on cable TV.