Last laugh: Letterman to retire in 2015

Comedian David Letterman, who brought a sarcastic, offbeat wit to late-night television, along with absurd bits such as "Stupid Pet Tricks," “Stupid Human Tricks” and his "Top Ten" list, will retire as host of "The Late Show" on CBS in 2015, he said during the taping of his show Thursday in New York.

Letterman, 66, whose contract expires next year, began hosting the CBS show in August 1993, after leaving the rival NBC network, where he originated his late-night TV persona and much of his program on the "Late Night with David Letterman" show for many years.

There was no immediate word on who might succeed Letterman in the key 11:30 p.m. slot on CBS, opposite NBC's top-rated "The Tonight Show."

The Emmy-winning host said he had spoken in the past with CBS Corp. President and Chief Executive Officer Leslie Moonves, "and we agreed that we would work together on this circumstance and the timing of this circumstance.

"And I phoned him just before the program, and I said, 'Leslie, it's been great, you've been great, and the network has been great, but I'm retiring,'" Letterman told his studio audience, according to a CBS transcript.

"We don't have the timetable for this precisely down — I think it will be at least a year or so, but sometime in the not-too-distant future, 2015 for the love of God," he added.

CBS said Letterman's announcement elicited a standing ovation from the audience in the Ed Sullivan Theater.

The surprise retirement announcement gives CBS a much-needed chance to lure younger viewers to Letterman's late-night television time slot, matching the recent elevation of Jimmy Fallon that reenergized rival NBC's "Tonight Show" franchise, according to media executives.

Since the 39-year-old Fallon succeeded Jay Leno as star of "The Tonight Show," NBC's ratings for the 11:35 p.m. hour have jumped in overall audience numbers and among the key demographic of viewers aged 18 to 49 that advertisers most desire.

While Letterman's replacement remains unknown, the network needs to find someone who can siphon away some of Fallon's younger viewers, media executives said.

Fallon has also developed a huge social network following, an increasingly important marketing avenue for networks to promote their shows.

Craig Ferguson, star of CBS's "The Late Late Show with Craig Ferguson" at 12:35 a.m., was reportedly promised Letterman's slot in 2012 when CBS renewed the contracts for the two men. Both shows are produced by Letterman's Worldwide Pants company.

But ratings for the 51-year-old Ferguson's show are well behind those of "Late Night with Seth Meyers," which occupies the 12:35 slot on Comcast's NBC network.

Jon Stewart, host of Comedy Central's "The Daily Show," is considered a possibility to succeed Letterman on CBS. So is Stephen Colbert, host of "The Colbert Report." Both have sizeable followings among younger viewers.

Whoever gets the "Late Show" host chair has a larger role to play at CBS beyond opening monologues and chatting with guests. The late-night host creates a "brand" for the entire network, said Jeff Gaspin, former chairman of NBC Universal Television Entertainment.

"The host of late night represents the network on a daily basis and in most cases for decades," said Gaspin. "Along with news and sports talent, they are the only entertainment personalities to do so."

Reuters