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The network denies it stopped the interview with a Texas Democrat from airing but warned it could run afoul of the US broadcast media watchdog.
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CBS, the network which hosts the programme, denies that it "prohibited" the interview from being aired, saying it gave only "legal guidance".
On Monday night's show, Colbert said that CBS would not show his interview with Texas lawmaker James Talarico out of concerns about a response from the FCC, which has new guidance on equal airtime for political candidates.
"We were told in no uncertain terms by our network's lawyers, who called us directly, that we could not have him on the broadcast," he said.
"Then, then I was told in some uncertain terms that not only could I not have him on, I could not mention me not having him on. And because my network clearly doesn't want us to talk about this, let's talk about this."
Colbert, host of The Late Show, went on to explain that new FCC guidance on the "equal time" rule - which requires certain TV and radio broadcasters to give equal time to rival political candidates - could have created legal trouble for the network, according to CBS lawyers.
The FCC regulates radio, TV and satellite airwaves, giving it power over a range of matters, including mergers and decency complaints.
CBS flatly denied Colbert's claims in a statement on Tuesday.
"The Late Show was not prohibited by CBS from broadcasting the interview with Rep James Talarico," the network said.
It added in a statement: "The show was provided legal guidance that the broadcast could trigger the FCC equal-time rule for two other candidates... and presented options for how the equal time for other candidates could be fulfilled.
"The Late Show decided to present the interview through its YouTube channel with on-air promotion on the broadcast rather than potentially providing the equal-time options."
The full interview was later posted on YouTube, where FCC rules do not apply.
News content has traditionally been exempted from the "equal time" rule.
But th
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