Stephen Colbert

NEW YORK, NY - FEBRUARY 17: Stephen Colbert

NEW YORK, NY - FEBRUARY 17: Stephen Colbert visits 'The Tonight Show Starring Jimmy Fallon' at Rockefeller Center on February 17, 2014 in New York City. (Credit: Photo by Theo Wargo/Getty Images for The Tonight Show Starring Jimmy Fallon)

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CBS has announced Stephen Colbert will be the new host of "The Late Show" after David Letterman retires.

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