Letterman announced just last week he was retiring in 2015. According to CBS, Colbert is being given a five-year deal.

In making the announcement, Colbert said, "Simply being a guest on David Letterman’s show has been a highlight of my career. 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.”