David Letterman will be staying with CBS through 2015, according to The Hollywood Reporter. The Late Show host will remain in his chair despite longstanding rumors that he was preparing to retire. News of the renewal comes on the heels of NBC's decision to replace Jay Leno with Jimmy Fallon after the Winter Olympics next year.

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"Les [Moonves] and I had a lengthy discussion, and we both agreed that I needed a little more time to fully run the show into the ground," Letterman said in a statement.