Stephen Colbert will succeed David Letterman as host of The Late Show, CBS confirmed Thursday, the last piece of a wholesale late-night overhaul that's nearly a decade in the making.

Mashable first reported last week that Colbert was the network's top choice for the role, and that the host of The Colbert Report was interested in taking the job. Colbert is expected to drop the pseudo-conservative persona he's created on the Comedy Central show when he moves to CBS, sources tell Mashable.

SEE ALSO: Colbert Was CBS' 'Late Show' Guy Since 2012 — And Yes, He'll Keep the Name

Colbert will start his run after Letterman's retirement — which has no timetable other than it will happen sometime in 2015 — with a five-year contract, CBS said in a statement Thursday morning.

“Simply being a guest on David Letterman’s show has been a highlight of my career,” Colbert said in the joint statement. “I never dreamed that I would follow in his footsteps, though everyone in late night follows Dave’s lead. ... I’m thrilled and grateful that CBS chose me. Now, if you’ll excuse me, I have to go grind a gap in my front teeth.”

The network said specific creative elements, producers and location for the show were not revealed.

“Stephen Colbert is one of the most inventive and respected forces on television,” said CBS head Les Moonves. “David Letterman’s legacy and accomplishments are an incredible source of pride for all of us here, and today’s announcement speaks to our commitment of upholding what he established for CBS in late night.”

The late-night landscape appears to be settled for the time being, depending on whether Craig Ferguson decides to stay in his post-Late Show spot after being passed over for the job. Sources tell Mashable that while Ferguson is well-liked and considered solid in his later spot, he was never really a contender to succeed Letterman.

Jimmy Fallon and Seth Meyers are NBC's new one-two punch in late night after both took on respective new spots earlier this year. Jimmy Kimmel Live has been steadily building its audience since the show debuted on ABC in 2003, just a few years after Jon Stewart took over The Daily Show on Comedy Central.

Colbert's takeover of The Late Show could set up years of stability in the late-night landscape, provided he and all those mentioned above continue to find an audience in the increasingly crowded (and shrinking) space.

The next big question is: Who gets Colbert's slot? Comedy Central has shown it can compete with the networks with its potent two-hander of Stewart and Colbert, and would most likely move to keep that momentum. John Oliver would've been considered a frontrunner after successfully filling in for Stewart, but he's taken his talents over to HBO.

Let the speculation begin ...

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