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Stephen Colbert is the new host of The Late Show

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Just a week after David Letterman announced that he'll be retiring from The Late Show in 2015, CBS has announced his replacement: Stephen Colbert, who currently hosts Comedy Central's The Colbert Report. According to CBS, the date of Colbert's premiere as host will be announced when Letterman "determines a timetable for his final broadcasts in 2015."

Last week, Colbert was reported to be the network's "top choice" to take over Letterman's hosting chair, with talk-show hosts like Ellen DeGeneres and Chelsea Handler named as other possible replacements.

According to CBS, Colbert has been signed to a five-year contract, though many of the details remain in discussion — including the location of where the show will be filmed.