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By Brian Stelter, CNN
Letterman called Colbert "always entertaining," "the new kid" and "my friend." What Letterman was saying, implicitly, was that he supported CBS's pick for his successor.
CBS announced that it had signed Colbert to a multiyear deal back on April 10, one week after Letterman revealed that he intends to retire in 2015.
Read more of Brian's article online here.
As Stephen Colbert is announced as David Letterman's replacement, Michelle Fields and Keli Goff debate the reaction to the pick on the left and the right.
Talk show legend Dick Cavett joins Brian Stelter to give his take on what the Comedy Central veteran will bring to The Late Show.
By Brian Stelter, CNN Senior Media Correspondent
(CNN) - Stephen Colbert will succeed David Letterman as the host of "The Late Show," CBS announced on Thursday, one week after Letterman told his audience that he would retire sometime in 2015.
CBS said Colbert had signed a five-year contract to host the iconic late-night broadcast.
Colbert, 49, has been the host of Comedy Central's "The Colbert Report" since 2005.
Read the latest updates from Brian on CNN.com here.
Glynnis MacNicol, Maggie Habermanm, Nia-Malika Henderson and Howard Kurtz on Stephen Colbert's presidential candidacy- is it serious or satirical?