Stephen Colbert To Take Over For Letterman

It's official: Stephen Colbert will replace David Letterman as host of "The Late Show."

CBS announced a five-year deal with Colbert today to take over the late-night franchise.

The 49-year-old has been the host of Comedy Central's "The Colbert Report" since 2005.

In a statement, 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. Now, if you'll excuse me, I have to go grind a gap in my front teeth."  

Last week, Letterman announced he would retire sometime in 2015.

The date of Colbert's first show will be announced after Letterman determines a timetable for his final broadcasts.

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