David Letterman Retires: Stephen Colbert To Replace David Letterman on 'Late Show'; Will Colbert Break Character? Will He Get a New Tie?

David Letterman told the "Late Show" audience that he was retiring last week and speculation over who will step in to his seat has been rampant all week. Not anymore. Stephen Colbert will replace David Letterman on Late Show.

Stephen Colbert comes up from Comedy Central, which tapes blocks away. On his "Colbert Report," both Ts are silent, Stephen plays a caricature of conservative talking heads and pundits. A caricature he created for the Washington Press with then-President Bush in attendance. It launched Colbert virally.

Now that CBS says Stephen Colbert will succeed David Letterman as host of "The Late Show," the soon-to-be-ex-cable host will probably play himself. Or will he? He's raised a big enough CPAC to do whatever the hell he wants and who knows what CBS will look like in 2015, probably a little bit more like Comedy Central.

David Letterman retired just as late-night wars were being waged by a new generation. Jimmy Kimmel at ABC and Jimmy Fallon NBC will be at it for a year by time Colbert puts on his new tie. Will he get a new tie?

In a statement, Leslie Moonves, chief executive of CBS, said "Stephen Colbert is one of the most inventive and respected forces on television. David Letterman's legacy and accomplishments are an incredible source of pride for all of us here, and today's announcement speaks to our commitment of upholding what he established for CBS in late night."

Colbert put out a statement of his own, saying "Simply being a guest on David Letterman's show has been a highlight of my career. I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead."