It's official: Stephen Colbert will be taking the reins as the new host of 'The Late Show.'

CBS made the announcement today (April 10) via a press release. Colbert will take over the show as soon as Letterman's retirement is effective in late 2015.

Letterman made the announcement about his retirement on his show last week.

Colbert, popular host of 'The Colbert Report' on Comedy Central, agreed to a five-year deal with CBS. Letterman is still working out a timetable for his final shows in 2015.

Needless to say, Colbert is excited about filling the shoes of a legend and being exposed to a massive audience every night:

“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.”

According to CBS, since its launch on Comedy Central in 2005, 'The Colbert Report' has received Peabody Awards and 27 Emmy nominations, including an Emmy win for Outstanding Variety Series (2013) and three Emmy wins for Outstanding Writing for a Variety, Music or Comedy Program (2013, 2010, 2008).

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