David Letterman is slated to make his final appearance on The Late Show May 20, ending a hosting career that lasted 32 years on TV and closing a chapter in American TV culture.

Stephen Colbert has been lined up to take over Letterman' stint as the host of the show. Contrary to rumors that the long-running show will end, it will actually undergo a sort of fresh lease of life with a new presenter.

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67-year-old Letterman has been appearing on TV for late shows for 32 years. He first hosted Late Night With David Letterman in 1982 on NBC, transferring to CBS to topbill Late Show With David Letterman in 1993.

Letterman has been hailed for being the face of an era where late night talk shows become a venue of upright, genuine humor with equally light-hearted interviews that featured celebrities and iconic newsmakers.

The shows have been taped at the Ed Sullivan Theatre in New York.

 CBS executive Leslie Moonves has nothing but pure admiration for the legendary host.

"David Letterman has given to all of us a remarkable legacy of achievement and creative brilliance that will never be forgotten," he said, remarking that Letterman's decision to leave is something "tough to say goodbye" to.

"...we will all cherish the shows leading up to Dave's final broadcast in May," Moonves continued.

Colbert is also the host of the popular Comedy Central show The Colbert Repor.

He will transfer to the Ed Sullivan Theatre, moving into Letterman's office and recording spaces. The Colbert Report's last broadcast, though, has not yet been announceed.

Industry insiders believed that Colbert might not actually appear on TV immediately after Letterman leaves. The studio, it is believe, would give Colbert three months of allowance before his own TV show airs. It is even reported that CBS might get a stand-in host for the mean time, just like what it did in 2000 when Letterman underwent multiple bypass heart surgery.

TagsDavid Letterman