A Combination Photo of David Letterman and Stephen Colbert
IN PHOTO: A combination photo shows "Late Show" host David Letterman (L) during a ceremony at the White House in Washington on December 2, 2012 and Comedian Stephen Colbert (R) at the Time 100 Gala in New York on April 24, 2012. Colbert, who made his mark satirizing political conservatives on cable television's Comedy Central channel, was named on April 10, 2014 to succeed veteran late-night star David Letterman as the host of the CBS "Late Show" next year. REUTERS/Jason Reed/Files (L) and Lucas Jackson/Files (R) REUTERS

David Letterman's show finally reaches its finale in 2015 after having an iconic run for several years. And Stephen Colbert has been given the responsibility to fit into his shoes. CBS announced the replacement on Thursday, April 10.

The comedian presently hosts his show on Comedy Central, "The Colbert Report". New York Post reported that he signed a 5-year contract with CBS to host Letterman's show after he retires. CBS Chairman Les Moonves called Colbert "one of the most inventive and respected forces on television."

Moonves also said that CBS took pride in the "legacy and accomplishments" of David Letterman. He said that the announcement of Colbert's name confirmed the channel's commitment of "upholding" what Letterman established in the late night time zone for the channel.

Colbert has been reported to be thrilled to have such an opportunity. He said that he "never dreamed" that he would be given such an opportunity. Colbert said that it was a highlight in his career when he had been invited to Letterman's show. He also said that he never dreamed that he would follow Letterman's footsteps even though everyone hosting a late night show followed Letterman's lead. Colbert mentioned that he was "thrilled and grateful" to be chosen by the channel. Comedy Central, on the other hand, issued a statement that Colbert would keep working on the "Colbert Report" for 8 months more.

Letterman has been associated with "Late Show" for the past 21 years. Colbert, too, has been a veteran as a host, as he has been working with Comedy Central since 1997. He began his career as a correspondent on "The Daily Show," which he later left in 2005. Thereafter, he hosted "The Colbert Report." Letterman, on the other hand, announced his retirement from The Late Show on April 3.

Comedy Central wished Colbert all the "very best" for his future endeavours.