Colbert Gets The Late Night Spot!

The best decision for Late Night.

Clear front runner.

The Comedy Central satirist is going to be in the late night chair soon. After David Letterman retires, it's clear that Stephen Colbert will take the mantle of Late Night on CBS.

Announced today, CBS president Les Moonves was proud that the comedian will take the seat where Dave sat for over 20 years.

"Stephen Colbert is one of the most inventive and respected forces on television," CBS Chairman and CEO Les Moonves said in a statement Thursday. "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."

Stephen Colbert and Jon Stewart mock the controversial New Yorker magazine cover of President Barack Obama and First Lady Michelle Obama. The New Yorker was trying to make note of the racist right's attacks on the Obamas. Turns out that did more harm than good.

The 49-year-old Colbert, who signed a five-year deal, said in a statement: "Simply being a guest on David Letterman's show has been a highlight of my career. I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead. 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."

Colbert's premiere date will be revealed after Letterman figures out a timetable for his final episodes. According to CBS, "Late Show" creative elements, as well as the producers and the location for the Colbert-hosted "Late Show" will be announced at a later date.

Colbert in character. The Comedy Central host of The Colbert Report will end in 2015. He will take the mantle of Late Night when David Letterman retires.

The news will leave a big gap in the lineup at Comedy Central, which has aired "The Colbert Report" since 2005. The network issued the following statement Thursday: "Comedy Central is proud that the incredibly talented Stephen Colbert has been part of our family for nearly two decades. We look forward to the next eight months of the ground-breaking 'Colbert Report' and wish Stephen the very best."

"The Colbert Report" has earned two Peabody Awards and 27 Emmy nominations. In 2013, it scored the Emmy for outstanding variety series. The series took home Emmy wins for outstanding writing for a variety, music or comedy program in 2008, 2010 and 2013.

Before hosting his own show, Colbert rose to fame as a correspondent on Comedy Central's "The Daily Show."