Image Credit: Chad Sengstock; CBSIs David Letterman on his way to becoming a music-biz mogul? The Late Night host’s Worldwide Pants, Inc. has just started a record label called Clear Entertainment/C.E. Music. Letterman’s first signee, announced this morning via press release, is Huntington Beach, Calif. pop-punk quintet Runner Runner .

Runner Runner’s self-titled debut is due late this summer on C.E. Music in partnership with Capitol and MRV. You can hear lead single “So Obvious” right now on their MySpace. Their sound seems to be pretty generic mall-punk, but “So Obvious” is far from the least catchy tune I’ve heard this week. I could definitely see this becoming a hit. Give it a listen, then let us know what you think of Letterman’s new venture.