Democratic lawmakers are questioning the timing of CBS’s announcement to cancel “The Late Show With Stephen Colbert,” which came days after Mr. Colbert criticized the network’s parent company for paying President Trump $16 million to settle a lawsuit.

Hours after CBS executives characterized the move as “purely a financial decision against a challenging backdrop in late night,” lawmakers began suggesting that the cancellation was linked to Paramount’s recent settlement with Mr. Trump. Senator Elizabeth Warren of Massachusetts wrote on social media that the settlement with Mr. Trump “looks like bribery,” and Representative Pramila Jayapal of Washington said, “People deserve to know if this is a politically motivated attack on free speech.”

Paramount recently agreed to pay the president $16 million to settle his lawsuit over the editing of an interview on the CBS News program “60 Minutes.” Mr. Colbert, a longtime critic of Mr. Trump, panned the settlement on Monday night as a “big fat bribe,” a reference to Paramount’s multibillion-dollar merger with the movie studio Skydance that still requires approval from the Trump administration.

CBS executives said in a statement Thursday night that the decision was “not related in any way to the show’s performance, content or other matters happening at Paramount.” The show’s cancellation comes during a period of upheaval in the world of late-night television, as viewers migrate away from traditional broadcast and cable television and as advertising revenue for late-night programs plummets. Mr. Colbert’s show will end in May, when his contract expires.

Still, Senator Bernie Sanders of Vermont, an independent who caucuses with Democrats, also cited the pending merger in a social media post on Friday morning.

“Stephen Colbert, an extraordinary talent and the most popular late night host, slams the deal. Days later, he’s fired,” Mr. Sanders said. “Do I think this is a coincidence? NO.”

Mr. Colbert said during Thursday’s taping of the show that he was informed of the cancellation on Wednesday night. For his part, Mr. Colbert had joked on Monday that his mustache would protect him from any pressure that comes from “the new owner’s desire to please Trump,” asking, “How are they going to put pressure on Stephen Colbert if they can’t find him?”

Senator Adam Schiff of California, who was a guest on Mr. Colbert’s show on Thursday night, demanded more answers as to whether the show was canceled for political reasons.

“If Paramount and CBS ended the Late Show for political reasons, the public deserves to know,” Mr. Schiff wrote on X.

Mr. Trump, meanwhile, celebrated the decision to cancel the show.

“I absolutely love that Colbert’ got fired,” Mr. Trump said in his own social media post. “His talent was even less than his ratings.”