Stephen Colbert will replace David Letterman as host of The Late Show. CBS announced the decision Wednesday afternoon in a press release, less than a week after Letterman's announcement that he will retire in 2015.

Colbert will retire his Colbert Report character when he takes over. "Specific creative elements," like the show's location and producers, will be decided and announced at a later date, according to CBS.

From the Wall Street Journal:

CBS said in a news release that it had signed a five-year agreement with Mr. Colbert to take over its flagship show when Mr. Letterman retires next year. Mr. Colbert, 49 years old, will retire the character he plays on his Comedy Central show—a sendup of Republican talk-show hosts—and will be himself as the host of the CBS show, the company said.

Colbert, whose Comedy Central contract is up at the end of 2014, was rumored to have been in talks with CBS before Letterman's announcement.

[Image via AP]