CBS announces that Stephen Colbert will succeed David Letterman as 'Late Show' host

Stephen Colbert will take over for David Letterman when the host of the Late Show retires next year, CBS announced on Thursday.

According to the official statement, "Stephen Colbert, the host, writer and executive producer of the Emmy and Peabody Award-winning The Colbert Report, will succeed David Letterman as the host of The Late Show, effective when Mr. Letterman retires from the broadcast."

According to CBS President and CEO Leslie Moonves, Colbert reached a five-year agreement with the network.

“Stephen Colbert is one of the most inventive and respected forces on television,” said 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.”

“Stephen is a multi-talented and respected host, writer, producer, satirist and comedian who blazes a trail of thought-provoking conversation, humor and innovation with everything he touches,” said Nina Tassler, Chairman of CBS Entertainment. ”He is a presence on every stage, with interests and notable accomplishments across a wide spectrum of entertainment, politics, publishing and music. We welcome Stephen to CBS with great pride and excitement, and look forward to introducing him to our network television viewers in late night.”

“Simply being a guest on David Letterman’s show has been a highlight of my career,” Colbert said. “I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave’s lead.”

“I’m thrilled and grateful that CBS chose me," he continued. "Now, if you’ll excuse me, I have to go grind a gap in my front teeth.”

According to Entertainment Weekly, Colbert will be discarding his satirical ultra-conservative Colbert Report character for the Late Show