Stephen Colbert replaces David Letterman on 'Late Show'

Stephen Colbert is replacing David Letterman as host of the "Late Show," CBS announced Thursday.

"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," Colbert, 49, said, according to CBS News. "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."

The network already chose Letterman's successor just one week after the 66-year-old voiced his plans to retire in 2015.

"Stephen Colbert is one of the most inventive and respected forces on television," CBS Chairman and CEO Les Moonves said. "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, writer, host and executive producer of "The Colbert Report," signed a five-year contract for the hosting gig.

Colbert's self-named show has aired on Comedy Central since 2005, and has earned two Peabody Awards and 27 Emmy nominations.

The satirical comedian will take his "The Colbert Report" writers with him, Comedy Central told The Hollywood Reporter, although the producers and location for the new "Late Show" are still to be determined. Its premiere won't be announced until Letterman's lineup of episodes is finalized.

Despite losing their beloved Republican alter ego eight months from now, Colbert's network stands behind his decision.

"Comedy Central is proud that the incredibly talented Stephen Colbert has been part of our family for nearly two decades," they said, according to People. "We look forward to the next eight months of the ground-breaking Colbert Report and wish Stephen the very best."

So far no name has been mentioned as a suitable replacement for the comedic host, although Chris Hardwick has had a lot of success with his series @Midnight, which was renewed for 40 weeks in November.

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