The funnyman, whose first rose to fame on The Daily Show with Jon Stewart and then again as host of his own show, The Colbert Report, on Comedy Central, has long been a source of news for young and old viewers alike, particularly those disillusioned with standard news broadcasts.

Colbert's signing includes a five-year contract to sit at the helm of the show. "Simply being a guest on David Letterman's show has been a highlight of my career," Colbert said in a prepared statement. "I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead."