It is cancelled. It was a very good run, probably beyond Tosh's wildest hopes when the show first started. I don't know where he goes from here, but he could probably make a very good living just doing stand-up with the occasional special. I suspect he may continue Tosh.0 or some variant of it on a streaming platform, Either way, his future is set, even without the show.
The future is much murkier for Comedy Central. From the linked article:
"The cabler's new strategy focuses on three areas of content: adult animation, topical series (The Daily Show) and comedic made-for-TV feature films. McCarthy has been aggressively mining the company's vault and rebooted animated series including Beavis and Butt-head, Ren & Stimpy and picked up a Daria spinoff, Jodie, as part of the strategy"
That does not sound like a promising path forward. They cling to topical series, perhaps hoping for a return to the days when The Daily Show and The Colbert Report each pullied in millions of viewers, but those days are long gone and likely never to return as the internet has increased the options available to consumers. Under Trevor Noah, The Daily Show's average viewership has dipped below 500k (not much higher than Tosh.0 ratings) and they have Noah locked in until 2022 and I don't expect any improvement in his ratings until then. They have tried and failed to replace Colbert with Larry Wilmore, Jordan Klepper, and David Spade) and all have been cancelled in short order. Nor do I think a reboot of Beavis and Butthead is going to save them. While it was a mainstay a mere 10 years ago, Comedy Central no longer has anything to offer, and I don't think it will still be around five years from now.
https://www.hollywoodreporter.com/news/tosh-0-canceled-as-comedy-central-reverses-4-season-renewal
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