CBS is wasting no time filling the seat David Letterman is vacating behind the "Late Show" desk. The network has announced current Comedy Central funnyman Stephen Colbert as Letterman's successor. The news comes just one week after Letterman announced his plans to retire next year. Colbert has inked a five-year agreement with the show. His premiere date will be announced after Letterman determines a timetable for his final broadcasts. Colbert has been the host of Comedy Central's Emmy Award-winning political satire series "The Colbert Report" since 2005. He appeared on the network's "Daily Show" for eight years before that.

In announcing Colbert's ascension to the "Late Show" throne, CBS Chairman Leslie Moonves called Colbert "a multi-talented and respected host, writer, producer, satirist and comedian who blazes a trail of thought provoking conversation, humor and innovation with everything he touches." Comedy Central, meantime, is wishing Colbert "the very best" in his new endeavor, adding that the network is proud that he has been a part its family for nearly two decades. (Metro Networks Inc.)