David Letterman Extends Late Show Contract Through 2015

Of his contract renewal, Letterman said, "Les [Moonves] and I had a lengthy discussion, and we both agreed that I needed a little more time to fully run the show into the ground."

David Letterman isn't going anywhere anytime soon.

CBS and Worldwide Pants announced on Friday that Letterman has extended his contract to host The Late Show With David Letterman through 2015. "There is only one Dave, and we are extremely proud that he continues to call CBS 'home,'" Leslie Moonves, President and CEO of CBS, said in statement.

Of his contract renewal, Letterman said, "Les and I had a lengthy discussion, and we both agreed that I needed a little more time to fully run the show into the ground."

This year, The Late Show will reach its milestone 20th anniversary. Since its debut in 1993, the talk show has earned nine Emmy Awards, as well as 73 Emmy nominations. The Late Show currently averages 3.14 million viewers weekly, which is up five percent from last year.

Letterman's 31 years of hosting experience makes him the longest-running late-night talk-show host in TV history. Letterman made his hosting debut with Late Night With David Letterman, which premieres on NBC in February 1982.

News of Letterman's contract renewal comes after NBC's announcement that his longtime rival Jay Leno will exit The Tonight Show in 2014, with Jimmy Fallon set to replace him.