CBS Taps Colbert to Succeed Letterman in Late Night Role

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CBS, moving quickly to fill a looming hole in its entertainment lineup, named Comedy Central host Stephen Colbert as David Letterman’s late-night replacement.

In the new role, Colbert, 49, will retire the faux conservative character he portrays on “The Colbert Report,” his cable show. A five-year agreement was announced today by CBS Corp. in an e-mailed statementBloomberg Terminal. The change will take place when Letterman steps down sometime next year.