VIDEO: Les Moonves Calls Colbert: 'The Greatest Replacement for David'

In an interview aired on last night's CBS News, CBS Corp. CEO Leslie Moonves commented on yesterday's announcement that Stephen Colbert would soon take over from David Letterman as host of the network's "Late Show'.

"There were other good candidates but he stood out," said the exec. "We knew he would be the greatest replacement for David we could ever get." He also revealed Colbert's reaction to the offer of taking over as host of the long-running late night show. "He kept thanking me for this opportunity and telling me he wouldn't let me down."

Speculation has already begun as to whether or not Colbert will move the show to the West Coast after airing from New York for so many years. Moonves responded by noting that Colbert is a New Yorker, so "it is more than likely it will be on the East Coast."

Watch the interview below!