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Stephen Colbert to Replace David Letterman as Late Show Host in 2015

Stephen Colbert, David Letterman

Stephen Colbert is the next host of The Late Show, CBS announced.

The Colbert Report host is trading in his Comedy Central gig to be the new face of CBS's late night. Outgoing host David Letterman made his retirement announcement in early April.

"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."

MORE: David Letterman announces retirement from Late Show

Colbert's deal with CBS is for five years.

"Stephen Colbert is one of the most inventive and respected forces on television," CBS president and 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."

Producers, the location and other creative elements will be determined at a later date.

"Stephen is a multi-talented and respected host, writer, producer, satirist and comedian who blazes a trail of thought-provoking conversation, humor and innovation with everything he touches," Nina Tassler, chairman of CBS Entertainment, said in a statement. "He is a presence on every stage, with interests and notable accomplishments across a wide spectrum of entertainment, politics, publishing and music. We welcome Stephen to CBS with great pride and excitement, and look forward to introducing him to our network television viewers in late night."

PHOTOS: Late-night show hosts

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