CBS has named Comedy Central's Stephen Colbert as the next host of The Late Show. Rumors had been swirling that Colbert, whose contract is up at the end of 2014, would be pursued for the job after longtime host David Letterman announced his retirement. Colbert has reportedly signed a five-year deal with CBS. “Simply being a guest on David Letterman’s show has been a highlight of my career,” Colbert said in a statement. “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.” It is unknown if Colbert will continue the traditional late-night format when he takes over. His widely popular current show features him performing as a satirical right-wing host, which he modeled after Bill O'Reilly.