VIDEO: Stephen Colbert, Jon Stewart Comment on LETTERMAN Replacement News

CBS announced yesterday that Stephen Colbert, the host, writer and executive producer of the Emmy and Peabody Award-winning "The Colbert Report," will succeed David Letterman as the host of THE LATE SHOW, effective when Mr. Letterman retires from the broadcast.

Letterman, the legendary, critically acclaimed host of the CBS late night series for 21 years, announced his retirement on his April 3 broadcast. Colbert's premiere date as host of THE LATE SHOW will be announced after Mr. Lettermen determines a timetable for his final broadcasts in 2015.

Following yesterday's news, both Colbert and Jon Stewart shared their reactions on "The Colbert Report" and "The Daily Show with Jon Stewart," respectively. Check out their comments below!

Since its launch on Comedy Central in 2005, "The Colbert Report" has received widespread critical acclaim while earning two Peabody Awards and 27 Emmy nominations, including an Emmy win for Outstanding Variety Series (2013) and three Emmy wins for Outstanding Writing for a Variety, Music or Comedy Program (2013, 2010, 2008). Prior to that, Colbert spent eight years as a correspondent on Comedy Central's "The Daily Show" as an on-air personality and writer of news satire for the Emmy and Peabody Award-winning series.

In addition, Colbert is an accomplished author, with two books, I AM America (and So Can You!) andAMERICA AGAIN: Re-Becoming the Greatness We Never Weren't, appearing on the New York Times best-seller list. America AGAIN also won a Grammy Award for Spoken Word (2014).

In music, Colbert's original holiday musical special on Comedy Central, "A Colbert Christmas," won a Grammy Award for Best Comedy Album (2009) and Emmy nominations for Art Direction, Picture Editing and Original Music and Lyrics. In April 2011, Colbert starred as Harry in the New York Philharmonic presentation of Stephen Sondheim's "Company."