WATCH: Stephen Colbert pays tribute to David Letterman on the 'Colbert Report,' addresses CBS's 'Late Show' announcement [VIDEO]

The big news this week is that David Letterman is retiring as host of The Late Show and that CBS has already named Stephen Colbert as his replacement when he steps down in 2015. There is still a lot to work out in the coming year, but for now this news has been getting a lot of support and praise from fellow television personalities. Perhaps the most important reaction to this news came from Colbert himself on his Comedy Central program The Colbert Report.

Though the announcement came earlier in the day on Thursday, we had to wait a while before hearing Colbert's response on his show. Jon Stewart's Daily Show held us over with a very nice segment dedicated to the news, but Colbert nailed it with his address.

Many are worried about Colbert dropping his Report character and how that will come into play on The Late Show. In this great and hilarious tribute to Letterman, we see a glimpse of what could happen in 2015.

Check out the clip right here:

Unfortunately not every entertainment personality is thrilled with this decision from CBS. When asked about this news, political radio host Rush Limbaugh decided to make on of the strongest statements against the network and Colbert that could have probably ever been said.

"CBS has just declared war on the heartland of America," Limbaugh said this week. "No longer is comedy going to be a covert assault on traditional American values, conservatives...now it's just going to be wide out in the open. What this hire means is a redefinition of what is funny and a redefinition of what is comedy."

Yeesh! Check out this video of this comment here: