Colbert, who currently hosts, writes and produces Comedy Central's The Colbert Report, signed a five-year agreement with CBS and will begin his new gig "when Mr. Letterman retires from the broadcast."
“Stephen Colbert is one of the most inventive and respected forces on television,” said CBS's President and CEO Leslie Moonves. “David Letterman’s legacy and accomplishments are an incredible source of pride for all of us here, and today’s announcement speaks to our commitment of upholding what he established for CBS in late night.”
In a statement released by CBS, the 49-year-old talk show host said that, “Simply being a guest on David Letterman’s show has been a highlight of my career.”
“I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave’s lead,” he continued. “I’m thrilled and grateful that CBS chose me. Now, if you’ll excuse me, I have to go grind a gap in my front teeth.”
News of Colbert's new gig comes as no surprise for many as sources said last week that he was the top choice to replace Letterman. The Late Show veteran announced on April 3 he would be retiring in 2015, ending his 20-year run on the show.