New York, July 18 -- Stephen Colbert has announced that The Late Show will end after its 10th season.

According to PEOPLE, Colbert made the announcement during the show's taping on Thursday, July 17, at the Ed Sullivan Theatre in New York.

Colbert, who took over the show in September 2015 after David Letterman retired, told the live audience that CBS had decided to end the program in May next year.

"Before we start the show, I want you to know something that I found out just last night," Colbert said during his opening monologue. "Next year will be our last season. The network will be ending The Late Show in May."

The audience responded with boos, to which Colbert replied, "It's not just the end of our show, but it's the end of The La...