Colbert to Replace Letterman as Late Show Host

From the New York Times:

Stephen Colbert, the comedian and host of Comedy Central’s Colbert Report, will succeed David Letterman as host of Late Show, CBS’s flagship late-night franchise, when Mr. Letterman retires next year, the network announced on Thursday.

Mr. Colbert will sign on for a five-year term as the new Late Show host, according to the announcement from Leslie Moonves, president and chief operating officer of CBS, and Nina Tassler, chairwoman of CBS’s entertainment division.

Is Fallon shaking in his boots?