CBS Announces Stephen Colbert Will Succeed David Letterman as 'Late Show' Host

Wow, that was fast. Just a week after David Letterman announced that he would retire from hosting Late Show in 2015, CBS broke the news on Thursday that Stephen Colbert would replace Letterman.

"Stephen Colbert is one of the most inventive and respected forces on television," CBS Corporation CEO and President 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 make the jump from Comedy Central's The Colbert Report, signing a five-year deal with CBS to host Late Show.

"Simply being a guest on David Letterman's show has been a highlight of my career," Colbert said in CBS's press release. "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."

CBS has yet to announce when Letterman's final show or Colbert's debut show will be.

It'll be interesting to see how Colbert treats this on his show tonight. Despite being the favorite to replace Letterman, there have been questions about whether or not Colbert's brand and fan base would translate to a late-night show that would require him to lose the character he's long played on The Colbert Report.

UPDATE: According to The New York Times' Bill Carter, Colbert won't do Late Show in his Colbert Report character.

"I won't be doing the new show in character," Colbert told Carter, "so we'll all get to find out how much of him was me. I'm looking forward to it."