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Stephen Colbert's takeover: 12 more months of Dave

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One size does not fit all when it comes to Worldwide Pants.

David Letterman's production company will have no ownership stake in “The Late Show” when Stephen Colbert takes over next year, a person with knowledge of the situation told TheWrap.

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See video: Stephen Colbert's 10 Most Popular ‘Colbert Report’ Moments

While there is still no exact exit date for Letterman's 2015 retirement, Dave will likely have another 12 months behind the CBS desk, the person added.

Since Comedy Central revealed earlier on Thursday that Colbert will stay at “The Colbert Report” for eight more months, it sounds like Colbert will have a minimum four-month vacation to start 2015.

Colbert has hosted his Comedy Central show for nine years, while Letterman's sat behind the “Late Show” desk for 21.

Dave announced the 2015 retirement at his April 3 taping. One week later, this morning, Colbert was named his eventual replacement, penning a five-year deal with CBS.

A few hours after the news broke, Letterman praised his eventual successor: “Stephen has always been a real friend to me,” he said in a statement. “I'm very excited for him, and I'm flattered that CBS chose him. I also happen to know they wanted another guy with glasses.”

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