Conan O'Brien isn't optimistic about the future of late-night TV as we know it.

During a speech at the Television Academy Hall of Fame ceremony on Saturday, Aug. 16, the comedian predicted the current late-night television format will go away, but stressed that the comics who host those shows still have a bright future in the industry.

"Late-night television, as we have known it since around 1950, is going to disappear," O'Brien said. "But those voices are not going anywhere. People like Stephen Colbert are too talented, and too essential, to go away. It's not going to happen. He's not going anywhere. Stephen is going to evolve and shine brighter than ever in a new format that he controls completely."

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O'Brien's comments came about a month after CBS announced its shock cancellation of "The Late Show With Stephen Colbert," which the network described as "purely a financial decision against a challenging backdrop in late night." The move sparked speculation that Colbert's fellow late-night hosts could also be on the chopping block, though no other network has followed CBS' lead since then.