Celebrities, politicians and New Yorkers have paid their respects to Stephen Colbert as the Late Show aired its final episode on Thursday.

The long-running chatshow, which started back in 1993, was cancelled last year by CBS, purportedly because of a financial decision. But many believed it was a result of the network’s increasing closenesss with Donald Trump who Colbert regularly criticised.

Last night’s episode saw the host bid an emotional farewell with the help of celebrity guests including Paul McCartney, Paul Rudd, Ryan Reynolds and Bryan Cranston.

“We love doing the show for you but what we really love is doing the show with you,” he said to the audience at home.

Colbert hosted more than 1,800 episodes of the Late Show, taking over the mantle from David Letterman. This week the former host criticised the decision to cancel the show, calling it a “huge mistake” in an interview.

“I think we’re losing a valuable perspective,” he said. “I think it’s very, very important to the American culture.”

Former president Joe Biden, who had previously guested on the show, also joined the chorus this week with a tribute on Instagram.

“There aren’t many who can make people think and laugh at the same time,” he wrote. “For years, Stephen brought wit, heart, and honesty to late night television. America could always count on a laugh – and sometimes a needed reality check. Congrats on an incredible run, my friend.”

Jane Fonda was among celebrities featured in a video put together by her newly relaunched Committee for the First Amendment. “He made us laugh and he never flinched,” the Oscar-winning actor said. “We’ve watched this administration suppress dissent repeatedly.”

Other names in the footage included Sally Field and Mark Ruffalo, who said he was “disturbed” by the decision to cancel the show.

Earlier this week, Colbert had Bruce Springsteen guest and the star once again spoke out against Trump. “I am here tonight in support for Stephen because you’re the first guy in America who’s lost his show because we’ve got a president who can’t take a joke,” he said.

A White House spokesperson hit back with a statement calling Colbert “a pathetic trainwreck with no talent”.

Early this morning, Trump expressed glee at the final episode on social media. “Colbert is finally finished at CBS,” he wrote. “Amazing that he lasted so long!”

The president also referred to Colbert as “a total jerk” and compared him to “a dead person”.

Trump allies Larry and David Ellison finalised their purchase of Paramount, which owns CBS, last year as part of an $8bn deal.

Last year George Cheeks, the CBS president, denied the cancellation was political. “The challenge in late night is that the advertising marketplace is in significant secular decline,” he said. “We are huge fans of Colbert, we love the show. Unfortunately the economics made it a challenge for us to keep going.”

Colbert already has his next gig lined up with the long-term JRR Tolkien fan set to co-write a new Peter Jackson-produced film tentatively titled The Lord of the Rings: Shadow of the Past. He said he “could not be happier” about the project.

In an interview with the New York Times, Colbert said that while he understood people thinking the cancellation was “fishy” he was also trying to avoid conflict with CBS.

“I have zero desire to have a contentious relationship with my network,” he said. “I’ve really liked working with CBS. They’ve been great partners. And I’d like to end it that way. Eleven years is a long time to work here. And almost 10 years before that, almost 21 years altogether, in late night. I feel so much better to be ‘grateful for’ than to be ‘mad about.’”

The 62-year-old host is also aware of the impact his comedy had on the president. “Authoritarians don’t like anybody who doesn’t give them undue dignity,” he said. “Comedians are anti-authoritarian by nature. And authoritarians are never going to like anybody to laugh at them.”

The Late Show is being replaced by Comics Unleashed, an unscripted comedy series from comedian and media mogul Byron Allen, who recently purchased Buzzfeed.

The entire set from the show is being donated to the Museum of Broadcast Communications in Chicago. Reportedly the Smithsonian also made a request but lost out.