"Tonight Show" host Jimmy Fallon now knows who his new competition will be when David Letterman retires next year.
CBS announced Thursday that Stephen Colbert will take over as "The Late Show" host sometime in 2015.
It was just last week that the 66-year-old Letterman said he would retire from the show he has fronted since 1993.
Colbert released a statement saluting Letterman, saying "I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave's lead."
Colbert's been the host of Comedy Central's Emmy winning late-night series "The Colbert Report" since 2005.
CBS says the comedian signed a five-year deal with the network.
Not part of the network's announcement was whether Colbert's version of "The Late Show" would continue to be based in New York City.