Stephen Colbert, the comedian and host of Comedy Central’s “Colbert Report,” will succeed David Letterman as host of “Late Show,” CBS’s flagship late-night franchise, when Mr. Letterman retires next year, the network announced on Thursday. Mr. Colbert will sign on for a five-year term as the new “Late Show” host, according to the announcement from Leslie Moonves, president and chief operating officer of CBS, and Nina Tassler, chairwoman of CBS’s entertainment division.

Suey Park could not be reached for comment.

UPDATE: What she said: