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CBS Names Colbert as Letterman Successor

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Mass media company CBS Corporation (CBS) named Stephen Colbert as the new host of its popular American talk show titled “THE LATE SHOW,” which enjoyed a successful run for over two decades hosted by the legendary David Letterman.

Although Letterman announced his retirement from the show on April 3, Colbert will assume the new role only when the former chalks out a schedule for his closing broadcasts in 2015. Also, the venue, producers and certain other factors related to the Colbert show will be determined later.

Colbert, who considers this to be a big achievement, signed a 5-year deal with CBS. Colbert is one of the most recognized personalities on television. He has won accolades as the writer, host and executive producer of the famous satirical show, ‘The Colbert Report’, airing on Comedy Central since 2005.

The Colbert Report, which enjoys immense popularity, has received 27 Emmy nominations and bagged 4 of them along with 2 Peabody awards. Prior to this, Colbert was a correspondent on the “The Daily Show”, which was aired on Comedy Central for 8 years.

Apart from being an outstanding host, Colbert is a versatile writer, producer, comedian, author and satirist. He has also gained recognition in the fields of politics, music, publishing and entertainment. With his oratory skills, he strikes conversations with humor, new innovations, leaving the audience with significant food for thought and thereby leaving a mark of his own.

The decision to replace Letterman with Colbert speaks volumes about the company’s focus on upholding the standards set by its former host for this late night show.

Further, as per various media sources, investors might react positively to this new development at CBS, which has been witnessing a downside since the spin-off of the company’s billboard business, CBS Outdoor. In an era where conglomerates like The Walt Disney Company (DIS) and Concast are acquiring assets, companies like CBS, Time Warner Inc. (TWX) and News Corporation (NWSA) are carving out their businesses.

However, Colbert’s entry into the show might augment the company’s revenues and push this Zacks Rank #3 (Hold) stock northwards.

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