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There are two schools of thought around CBS’ decision to end “The Late Show with Stephen Colbert.”

The first says the cancellation is a one-off exit from the storied time slot — that Paramount

was trying to push through the red tape to finally merge with Skydance Media, a deal that was approved by the Federal Communications Commission Thursday after more than a year in limbo.

The other says it signals the beginning of the end of late night TV.