Stephen Colbert to Replace David Letterman on 'The Late Show'

It didn't take long for CBS to find a replacement for David Letterman—the late-night host's successor is ready a year before Letterman is even set to retire—and the announcement of the new host of "The Late Show" is probably not going to disappoint anyone. Stephen Colbert, the immensely popular host of "The Colbert Report," will take over after Letterman's retirement.

"Stephen Colbert is one of the most inventive and respected forces on television,”  CBS CEO Les Moonves said in a statement. “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."

Colbert will sign a five-year contract to host the show. Letterman's retirement date hasn't been set yet, and the premier date, as well as the filming location, for Colbert's version of the show was not announced, either.

"Simply being a guest on David Letterman’s show has been a highlight of my career,” Colbert said in his own statement. “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. Now, if you’ll excuse me, I have to go grind a gap in my front teeth."