Jon Stewart, the man who presides over Comedy Central's "The Daily Show," has been confirmed as the host of this year's Academy Awards.

According to Stewart's publicist, Matt Labov, the comedian will take the reins of the 78th Annual Academy Awards on March 5, replacing last year's host, Chris Rock. The assignment marks Stewart's first crack at hosting the Oscars, however, he won't be on totally unfamiliar turf: The "fake news" anchor hosted the Grammy Awards in 2001 and 2002.

"As a performer, I'm truly honored to be hosting the show," Stewart said in a press release issued Thursday (January 5). "Although, as an avid watcher of the Oscars, I can't help but be a little disappointed with the choice. It appears to be another sad attempt to smoke out Billy Crystal."

Crystal, who has hosted the Oscars eight times, told Variety that he declined an offer to host this year's show due to scheduling conflicts. David Letterman, Steve Martin and Whoopi Goldberg have also hosted the event in recent years.