This was a long special of Stephen Colbert's, basically a Late Night with Stephen Colbert special episode (airing instead of his usual late night show).
It started okay but came off of the rails very quickly as more and more states came in for Donald Trump. You could tell that Colbert (who is openly pro-Hillary and liberal-leaning) was not comfortable or impressed, and he got more upset and put off as the night went on. You can also say the same for his disappointed audience, who are likewise left-leaning and anti-Trump.
He stayed in the game and basically took it on the chin but this was not a funny show, not a fun show to watch, and really was kind of a train wreck. Colbert probably said it best himself -- "Stephen Colbert called this special the hardest show he ever had to do. About two hours of material relating to Hillary Clinton's expected victory, including made-up commercials, were cut once it was clear that Clinton was most likely going to lose. Unable to go to commercial or use the made-up commercials, Colbert had to do the whole live show for an openly sobbing "audience of the condemned," as he said."