CBS Signs Stephen Colbert to Replace David Letterman

Jimmy Fallon, Colbert

CBS didn't waste too much time finding a new host for the "Late Show." Exactly a week after David Letterman announced his plans to retire, his replacement has been named.

Stephen Colbert, the host, writer and executive producer of "The Colbert Report," will succeed Letterman.

"Stephen Colbert is one of the most inventive and respected forces on television," CBS Chairman and CEO Les Moonves said in a statement Thursday. "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."