CBS put an end to the speculation about who would replace David Letterman as host of the network's venerable "Late Show" after the retirement of David Letterman in 2015. The job will go to Stephen Colbert, the network announced today.

"Stephen Colbert, the host, writer and executive producer of the Emmy and Peabody Award-winning 'The Colbert Report,' will succeed David Letterman as the host of 'The Late Show,' effective when Mr. Letterman retires from the broadcast," the network announced. "The five-year agreement between CBS and Colbert was announced by Leslie Moonves, President and CEO, CBS Corporation, and Nina Tassler, Chairman of CBS Entertainment."

Said Moonves: “Stephen Colbert is one of the most inventive and respected forces on television. 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.”

Letterman, the longest-tenured late-night host in the history of television at 32 years — including 21 on "Late Show" — announced on his April 3 broadcast that he will retire in 2015. "Colbert’s premiere date as host of 'The Late Show' will be announced after Mr. Lettermen determines a timetable for his final broadcasts in 2015," CBS said in its announcement.

Please click here to read the full press release from CBS.

Stephen Colbert