That is basically what it boils down to. Because Paramount Global, who owns CBS, wants to merge with a company called Skydance Media. The approval for such a deal requires the approval of the FCC. But the FCC does what president Trump says. So, in effect, it is president Trump who is cancelling The Late Show with Steven Colbert.
CBS claims they are doing so for financial reasons. Which may or may not be the case. But with it being the most popular late night talk show, it is hard to believe that it is actually losing money. I think the real reason it is being cancelled is because Steven Colbert is anti-Trump and often ridicules the stupid things Trump does.
In other words, The Late Show with Steven Colbert is often a program for reason. Trump shouldn't be allowed to silence the opposition. So if you are a subscriber to Paramount +, I think you should cancel your subscription. Or if you watch anything on CBS, (Apart from The Late Show with Steven Colbert while it lasts) you should watch something else.
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Stephen Colbert Show Ending Leaves Late-Night TV Future In Limbo