The announcement regarding the contract extensions was made Tuesday by Nina Tassler, the network's president.
During the course of this agreement, Letterman, who started his career on NBC's "Late Night with David Letterman" in 1982, would become the longest-running late-night talk show host in television history, surpassing the current record of 30 years by the late Johnny Carson. He has served as host of "Late Show with David Letterman" in New York since 1993.
As part of this new deal, "The Late Late Show with Craig Ferguson," which debuted in 2005, will move to a larger stage at CBS Television City in Los Angeles, and CBS will co-produce the series with Worldwide Pants Inc.
"David Letterman is a late-night legend with an iconic show and Craig Ferguson continues to evolve the genre in exciting and innovative ways," Tassler said in a statement. "These new agreements deliver ongoing high-quality entertainment for our audience and continued strength and stability for CBS in late night."
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