President Donald Trump cheered the cancellation of "The Late Show With Stephen Colbert ," one day after the comedian and frequent Trump critic announced CBS would be ending his show.

Some Democrats are irate over the end of Stephen Colbert’s show, but others see a lack of focus on real issues.

If the show loses $40 million a year, one reason for cancelling the show might be that Paramount is trying to clean up its balance sheet for the merger, which is the case in many mergers and acquisit...