CBS announced Stephen Colbert will replace David Letterman on the "Late Show" after he retires next year.
If you're wondering why Comedy Central isn't putting up a fight over losing its "Colbert Report" host, there's a simple explanation: Both networks are owned by the same company — Sumner Redstone's National Amusements.
While Comedy Central's other big name Jon Stewart was considered a possibility to replace the "Late Show" host, he more or less told New York Magazine it wasn't the position for him.
An earlier version of this story said Viacom was the parent company of both CBS and Comedy Central. CBS and Viacom split in 2005 resulting in CBS Corp. and a new Viacom. Redstone’s National Amusements owns both companies.