Colbert to Replace Letterman: Watch His 2005 Appearance as His Real Self

CBS names Colbert as Letterman replacement (USA Today)

CBS moved quickly to replace David Letterman after the late-night host announced his retirement last week. Confirming speculation, Stephen Colbert, ofComedy Central's Colbert Report, will take over theLate Show sometime next year.

Colbert, whose current contract expires at year end, signed a five-year deal to host the show, which will begin when Letterman decides to step down when his contract expires in August 2015, though he could choose to leave earlier next year.

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