The former host unloads on his onetime employer in a chat with producer Barbara Gaines.

Former Late Show host David Letterman has made his first direct comments about the cancellation of the CBS late night franchise — and they aren’t positive.

Speaking with his former executive producer, Barbara Gaines, in a YouTube video Friday, Letterman called the axing of The Late Show With Stephen Colbert “pure cowardice” and said he doesn’t believe the official line from CBS that the decision was purely about economics (the show has reportedly become a money-loser for the network).

“The idea that they’re hiding behind money — they’ve given [Colbert] another 10 months, that’s another huge chunk of money they’re gonna lose, according to them,” Letterman says in the video (watch it in full below). “I don’t think it was money. I think it was all to make sure [Skydance head David Ellison, set to become CEO of Paramount when the two companies’ merger closes in early August] were solid spending dad’s money.”

(For much of the video, Letterman refers to Ellison as “the Ellison twins” and “the Oracle boys,” as in the software giant headed by Larry Ellison, David Ellison’s father. Co-host Mary Barclay corrects him at one point, noting that David Ellison is not a twin, but he continues with the bit.)

“If they were losing that kind of money — you’re telling me losing this kind of money happened yesterday?” Letterman continues. “I bet they were losing this money a month ago or six weeks ago. Or they were never losing that kind of money. They did not handle Stephen Colbert, the face of that network, in the way he deserves.”

Letterman’s comments are his first directly addressing the cancellation of The Late Show, which he originated on CBS in 1993 and hosted until 2015. Colbert announced the cancellation on his July 17 show, although The Late Show will continue through the 2025-26 season. Letterman’s YouTube channel, where his conversation with Gaines is posted, earlier this week shared a collection of Late Show clips featuring Letterman lambasting network brass.

Letterman calls the decision “sad,” though he jokes that it could be good for Colbert: “For Stephen, I love this, because he gets to be a martyr.”

He also relates the Late Show cancellation to CBS settling a lawsuit by Donald Trump against 60 Minutes for $16 million over the objections of the show’s staff.

“This is pure cowardice,” Letterman says. “You’re telling me 60 Minutes, the pinnacle of journalistic excellence and integrity for decades … they decided, ‘Aw, we’re sorry, let us give you $20 million.’ I believe this is in the wake of that.”

Letterman closes with one last swipe at CBS and Paramount management. “I think one day, if not today, the people at CBS who have manipulated and handled this are going to be embarrassed,” he says. “This is gutless.”