Stephen Colbert to Replace David Letterman on ‘Late Night’ [UPDATE]

According to the Hollywood Reporter, CBS has announced that Stephen Colbert will succeed David Letterman as the host of 'The Late Show.' The change will become effective when Letterman retires in 2015. CBS and Colbert have signed a 5-year deal.

Colbert's name quickly emerged as the leading candidate for the much-coveted late night host vacancy.

While 'The Late Show' now has its new host, further details, such as the specific and definitive creative elements, like the location and producers, will be decided and announced at a later date. So let the news that Letterman is passing the torch off to Colbert sink in.

It has been reported that Colbert, 49, was in talks with CBS prior to Letterman's announcement, according to Gawker.

Can you even imagine Colbert doing a Top 10?

Congrats to Stephen Colbert, who is known for his cerebral and satirical political humor on his Comedy Central show, for getting a highly coveted post on late night TV and for getting what amounts to a HUGE promotion. With the Jimmys – that'd be Fallon and Kimmel —battling it out for ratings supremacy each and every night, things just got even more interesting beyond the 11:30 time slot.

A tweet was issued, featuring the network press release. That is posted below.