I really don't like how over simplified the coverage of the late night issues are.
I love Stephen Colbert, but his show had a budget of $100m and was losing $40m a year for CBS.
It's certainly true that the right wing are attacking late night and free speech. But it is also true that US late night TV is already in major trouble, because people aren't watching and advertising funded TV in general is dying.
The real story is the big TV networks have had their day, and the movie studios are also struggling. That's how CBS/Paramount got sold in the first place - these are declining business in a world where Streaming is king, and the main players in the new world are Netflix and Youtube.
It's a classic example of incumbents declining as disruptors take over - it happened with Microsoft vs IBM/computer companies, it happened with Apple vs Nokia/phone makers, it happened with Google vs Lycos/search engines, it happened with Facebook vs MySpace, it happened with Amazon vs high street retailers. Now we're well along the road with Netflix/Youtube vs TV.
The big US TV channels are going the way of Blockbuster, Sears, Toys'R'Us and many others. We're already seen a reduction in big prime-time TV shows, cancellation of previous decades running shows like daytime soaps and daytime talk shows. Now it's hitting late night talk shows, and it won't end there.
I'm sorry for the people who worked on those shows - I think the transition is going to be disastrous for many professionals in the TV and movie industries. But comedy, political comment etc - that isn't going away, it's just changing. Once newspapers and political cartoons were the dominant form of commentary; late night TV is going their way.