Stephen Colbert to replace Letterman on late show

In this image taken from video and released by World Wide Pants, Inc., host David Letterman, left, welcomes fellow talk show host Stephen Colbert, as Colbert made a surprise visit to the "Late Show with David Letterman," Wednesday, May 4, 2011 in New York. The appearance will air Wednesday evening on both shows. (AP Photo/CBS)

April 10, 2014 9:49:49 AM PDT
Stephen Colbert is replacing David Letterman as CBS' late-night host.

CBS announced Thursday that "The Colbert Report" host will replace Letterman when he retires next year. Colbert is signed for five years.

Letterman has hosted "Late Show with David Letterman" since 1993. He turns 67 Saturday.

Colbert says in a statement: "I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead."

Comedy Central's Emmy-winning "The Colbert Report" has been a hit since its launch in 2005.