After lots of specualtion on a successor to David Letterman, the choice is now clear. Jimmy Kimmel or Conan O'Brien will not be jumping ship off of their current late night sets, the gig will go to Stephen Colbert, CBS announced on Thursday. The announcement comes one week after Letterman told his audience that he would retire sometime in 2015.

CBS has signed Colbert to a five-year contract as host of the iconic late-night broadcast. No word on how the show's format will change as of yet.

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Colbert, 49, has been the host of Comedy Central's "The Colbert Report" since 2005 and been a part of the network for nearly two decades.

Stephen Colbert made a statement regarding his new position, stating:

“Simply being a guest on David Letterman’s show has been a highlight of my career,” Colbert said. “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.”