Stephen Colbert Will Host 'Late Show' When Letterman Retires

CBS announced today that the Comedy Central host will take over when David Letterman vacates the seat.

Well, it looks like the people got what they wanted: "The Colbert Report" will be canceled.

But don't think that means we've seen the last of host Stephen Colbert — "The Colbert Report" must come to an end because, as CBS announced today (April 10), Colbert will take over the seat vacated by David Letterman on "The Late Show."

Letterman announced his plans to retire after three-plus decades in the late night biz last week, to the shock of his loyal fans. Since then, speculation (including our own) has run rampant about who will be the next personality to sit behind the desk.

In a statement announcing the hire, CBS said that Colbert has signed a five-year contract with the network, and that his ascension to host will be effective when Letterman retires at an unnamed date. Those wondering whether the conservative alter ego Colbert hosts "The Colbert Report" under will stick will just have to keep wondering: According to the statement, "specific creative elements" will be announced later, including the show's producers and what city it will film in. (Stay in New York, Stephen!)

Colbert already has the ringing endorsement of one of his fellow late-night hosts. Jon Stewart, who featured Colbert as a correspondent on "The Daily Show" before the spin-off "The Colbert Report" was launched, talked up Colbert in an interview with Vulture last night (April 9) before the announcement was made official.

"He is a uniquely talented individual," Stewart said. "He's wonderful in 'Colbert Report,' but he's got gears he hasn't even shown people yet. He would be remarkable."