This is some really great news. When David Letterman announced just a week ago that he would indeed be retiring and stepping down from "The Late Show" the rumors and conjecture about who might take his slot began. Of all the names that were thrown around, Stephen Colbert came up the most, and now we know why.

Getty Images

In a press release today, CBS made it official when they said, that they have agreed to a 5 year contract with Colbert that would take effect immediately after Letterman leaves the show in 2015.

Wow, I gotta tell you I think I will really miss "The Colbert Report" on Comedy Central but I am very excited to see what kind of show Stephen Colbert comes up with. I also have to wonder what will happen to his "Life long Friendship" with Jimmy Fallon once they start really going head to head in the ratings battle.

Now, who will replace Colbert on Comedy Central?

As you may already know, Colbert recently faced a Twitter hash-tag campaign to have his show on Comedy Central cancelled. If you did not see his response, or if you have never really watched "The Colbert Report," here is a great clip to introduce you to the new host of "The Late Show".