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Comedian Stephen Colbert will succeed veteran late-night star David Letterman as host of the 'Late Show' next year. Jillian Kitchener reports.

Stephen Colbert will take over for David Letterman when he retires from the 'Late Show' next year.

CBS moved quickly to replace David Letterman after the late night host announced his retirement last week. Confirming speculation, Stephen Colbert, of Comedy Central's Colbert Report, will take over the Late Show sometime next year.

Colbert, whose current contract expires at year end, signed a five-year deal to host the show, which will begin when Letterman decides to step down, probably sometime next summer.

"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."

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