The late-night legend took aim at his former network home and David Ellison's media company, speculating that Colbert's show was canceled for political reasons.

Using words like “gutless” and “sad,” David Letterman is skewering CBS for its settling a lawsuit with President Trump and for blaming its decision to end Steven Colbert’s show on financial considerations.

The FCC approved the transfer of CBS licenses to Skydance's ownership group, paving the way to the merger of Skydance and Paramount.

The Larry Ellison family and RedBird Capital Partners are expected to take control of Paramount in the coming days. David Ellison, 42, will serve as chairman and chief executive.

The FCC, led by Brendan Carr, said that it approved the transfer of the company's broadcast licenses to Skydance and David Ellison.