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CBS Names Stephen Colbert as David Letterman's Replacement

Updated from 12:03 p.m. with information from the press release.

NEW YORK (TheStreet) CBS (CBS - Get Report) has just named Stephen Colbert as the next host of The Late Show.

This comes following David Letterman's retirement announcement earlier this week. Letterman, 67, is slated to retire in 2015.

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Colbert, who has hosted the Emmy and Peabody Award-winning "The Colbert Report," will succeed Letterman as the host of THE LATE SHOW. Colbert has signed a five year contract, according to the press release.

"Stephen Colbert is one of the most inventive and respected forces on television," said CBS CEO Leslie Moonves. "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."

"Stephen is a multi-talented and respected host, writer, producer, satirist and comedian who blazes a trail of thought-provoking conversation, humor and innovation with everything he touches," said Nina Tassler, Chairman of CBS Entertainment. "He is a presence on every stage, with interests and notable accomplishments across a wide spectrum of entertainment, politics, publishing and music. We welcome Stephen to CBS with great pride and excitement, and look forward to introducing him to our network television viewers in late night."

"Simply being a guest on David Letterman's show has been a highlight of my career," Colbert added in the press release. "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."

Since first launching on Comedy Central in 2005, "The Colbert Report" has won two Peabody Awards and received 27 Emmy nominations, including winning in 2013 for Outstanding Variety Series, and 2008, 2010 and 2013 for Outstanding Writing for a Variety, Music or Comedy Program. Prior to the launch, Colbert worked with Jon Stewart on "The Daily Show."

--Written by Chris Ciaccia in New York

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