CBS announced today that Stephen Colbert, the host of Comedy Central's "Colbert Report" will replace David Letterman as the Late Show host once Letterman retires in 2015

Colbert, who plays the character of a Conservative talk show host has been the host on Comedy Central since 2005, and sources say that character he plays will retire with the "Colbert Report".

No word yet when Colbert's first show on CBS at the 11:35p time slot will be.

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