David Letterman To Retire From CBS Next Year

(RTTNews) - David Letterman, host of CBS Corp.'s (CBS-A, CBS) ''Late Show,'' has announced his intention to retire next year.

The 66-year-old comedian's contract expires in 2015. He began hosting the CBS show in August 1993. Prior to that he worked for NBC network.

Leslie Moonves, President and CEO of CBS, said, ''When Dave decided on a one-year extension for his most recent contract, we knew this day was getting closer, but that doesn't make the moment any less poignant for us.''

According to Moonves, Letterman graced the Network's air for 21 years in late night with wit, gravitas and brilliance unique in the history of the medium.

During that time, Letterman gave television audiences thousands of hours of comedic entertainment, the sharpest interviews in late night, and brilliant moments of candor and perspective around national events, he recollected.

''There is only one David Letterman. His greatness will always be remembered here, and he will certainly sit among the pantheon of this business," Moonves added.

CBS fell 1.2 percent on Thursday to close at $62.62.