Stephen Colbert will be taking over for David Letterman as host of The Late Show. 

via CBS press release:

The CBS Television Network today announced that Stephen Colbert, the host, writer and executive producer of the Emmy and Peabody Award-winning “The Colbert Report,” will succeed David Letterman as the host of THE LATE SHOW, effective when Mr. Letterman retires from the broadcast. The five-year agreement between CBS and Colbert was announced by Leslie Moonves, President and CEO, CBS Corporation, and Nina Tassler, Chairman of CBS Entertainment. 

     Letterman, the legendary, critically acclaimed host of the CBS late night series for 21 years, announced his retirement on his April 3 broadcast. Colbert’s premiere date as host of THE LATE SHOW will be announced after Mr. Lettermen determines a timetable for his final broadcasts in 2015. 

     Specific creative elements, as well as the producers and the location for the Colbert-hosted LATE SHOW, will be determined and announced at a later date...

Questions abound: Which Stephen Colbert will be hosting? Will it be The Colbert Report Stephen? Or regular 'ol Stephen Colbert...and for that matter, who is 'normal' Stephen Colbert? 

Read CBS' full press release here.