Colbert, 61, announced the news during the Thursday, July 17, episode taping of his late night show, saying, “Before we start the show I want to let you know something that I found out just last night. Next year will be our last season, the network [CBS] will be ending The Late Show in May.”

Some wondered whether Colbert’s mix of topical news and political humor would be embraced by Letterman’s audience and how he might fare competing against the established late night hosts at the time, Conan O’Brien, Jimmy Fallon and Jimmy Kimmel.