Stephen Colbert Named New Host of 'The Late Show'

PHOTO: Satirist Stephen Colbert attends Robert F. Kennedy Center for Justice and Human Rights 2013 Ripple of Hope Awards Dinner at New York Hilton Midtown in this Dec. 11, 2013, file photo. PlayStephen Lovekin/Getty Images for Robert F. Kennedy Center for Justice and Human Rights
WATCH Stephen Colbert to Take over 'Late Show'

Stephen Colbert has been named the new host of "The Late Show."

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CBS announced today that the current host of "The Colbert Report" will take over for David Letterman when he retires next year. Meanwhile, Comedy Central released their own statement, congratulating Colbert on two decades with the network and toasting to "the next eight months of the ground-breaking 'Colbert Report.'"

Colbert told ABC News that he will ditch his current alter ego for his new role. "I won't be doing the new show in character, so we'll all get to find out how much of him was me," he said. "I'm looking forward to it."

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

The 49-year-old Emmy-winning Colbert said that just being a guest of Letterman's was "a highlight of my career."

"I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead," he said. "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."