Stephen Colbert Named New Host of 'The Late Show'

"The Colbert Report" host will be taking over for David Letterman when he retires next year.
0:51 | 04/10/14

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Transcript for Stephen Colbert Named New Host of 'The Late Show'
And nation David Letterman's replacement will be Stephen -- there. CBS made the announcement this afternoon -- bears signed a five year deal with the network. Letterman announced last week he was retiring from his late night -- of 21 years some time in 2015. -- -- -- -- When you make -- life and changing statement like that out how people wrecked here now is how the staff reacted to. When they realized. I was the retiring oh from TV take a look -- -- -- Yeah I'm. So anyway.

This transcript has been automatically generated and may not be 100% accurate.

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