Stephen Colbert revealed on last night’s Late Show that Barack Obama will appear on May 5 for what will be their final midnight?hour interview before Colbert signs off from CBS. The conversation will take place at the Obama Presidential Center in Chicago, which officially opens to the public on June 19, following a star?studded dedication ceremony the day before. Colbert made the announcement at the top of the show, telling the Ed Sullivan Theater crowd he had a “quick but exciting” update. The Obama Foundation even chimed in on Instagram with a characteristically calm caption: “Couch booked. Volume up. Ready to go.” Behind the scenes, Colbert’s exit is tied to CBS’ financial reset. The network ended its long?running late?night franchise last year under the pre?David Ellison Paramount regime, citing cost concerns. After Colbert’s final episode on May 21, 2026, CBS will hand the 11:35 p.m. slot to Byron Allen, who purchased the hour to move Comics Unleashed up by one hour. As David Letterman recently quipped about CBS’ strategy: “They don’t want to spend any money, so they’re going to make money.”