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Stephen Colbert has been chosen to replace David Letterman as host of CBS' "Late Show."

Colbert, 49, who hosts the satirical "The Colbert Report" on Comedy Central, was CBS' top choice. The deal is for five years, according to a press release from the network.

Letterman, who turns 67 on April 12, announced his retirement last week, saying it would take effect sometime next year. He has hosted the show since 1993 and been on the late-night TV landscape since 1982.

Entertainment Weekly reported that Colbert told his staffers he was bringing them with him.

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