Stephen Colbert to replace David Letterman on 'Late Show'

Stephen Colbert, host and executive producer of Comedy Central's "The Colbert Report," will succeed longtime "Late Show" host David Letterman, CBS Television Network announced Thursday.

Letterman announced his retirement — effective some time in 2015 — on his April 3 broadcast. He has been host of the late night series for the past 21 years.

Colbert, whose current show has established itself as one of Comedy Central's highest-rated series, signed a five-year agreement with CBS that was announced by Leslie Moonves, president of CBS Corporation, and Nina Tassler, chairman of CBS Entertainment. 

His current contract with Comedy Central will expire at the end of 2014.

"Stephen Colbert is one of the most inventive and respected forces on television," Moonves said in a press release. "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."

Colbert has earned three Emmy Award nominations, two Peabody awards and a place in Time's 100 most influential people in 2006 and 2012.

Colbert's rise to fame is based on his signature character as an outlandish conservative commentator on the "Colbert Report," a faux news show and spin-off of the "Daily Show," another critically acclaimed program on Comedy Central that parodies the conventions of television news broadcasting.

His satirical routine as a right-wing pundit has won him a significant following in the young male demographic, a shtick that notably will not carry over to his new role on CBS.

"I won't be doing the new show in character, so we'll all get to find out how much of him was me. I'm looking forward to it," Colbert said in a separate statement released by his publicist.

While it remains to be seen whether Colbert's fans will accept his more solemn role, some believe the decision to anoint Colbert as the new host of "Late Show" may have everything to do with his ability to attract a particular demographic — "The Colbert Report" boasts the youngest audience of any of the major TV news shows, with 43 percent being under the age of 30.

"CBS' decision (a quickly made one, at that) is probably due mostly to Colbert's ability to attract young male viewers. A demographic they have struggled with in this time slot with the longtime Letterman, and one that they are going to try to get back from The Tonight Show's recent addition, Jimmy Fallon," Mark Athridge, film critic, wrote in the Examiner.

Colbert gushed and joked about taking over Letterman's spot.

"Simply being a guest on David Letterman's show has been a highlight of my career," Colbert said in the release. "I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead."  

And in typical Colbert fashion, he added, "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."   

Colbert’s previous experience includes being a writer and commentator for the "Daily Show," and a writer on "Saturday Night Live."

"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," Tassler, the chairman of CBS Entertainment, said in the press release.

"We welcome Stephen to CBS with great pride and excitement, and look forward to introducing him to our network television viewers in late night."