David Letterman Inks $120M Contract Extension

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Talk show king David Letterman has signed a contract extension to host The Late Show on CBS until 2010. He is currently paid $40 million a year for his hosting duties and his deal deal is worth more than $120 million.

Late Show's Host

Wow. Even Dave's longtime nemesis, Oprah Winfrey, who is believed to have more money than God, would be impressed by that kind of sum.

"I'm thrilled to be continuing on at CBS," the 59-year-old Letterman said. "At my age you really don't want to have to learn a new commute."

The announcement of Letterman's three-year contract extension comes nearly nine months before his current deal was set to expire in August 2007.

Letterman, one of American television's highest-paid entertainers, draws an average audience of 4.3 million viewers a night but has lagged behind The Tonight Show with Jay Leno, which draws ratings of 5.7 million.

The Emmy-award winner has hosted The Late Show since 1993 after 11 years as host of NBC's Late Night program in the time slot immediately following The Tonight Show with Johnny Carson. He defected from NBC when it chose Leno over him to replace Carson.

We're happy Dave is staying put. He's a funny guy in his own right, and you can always count on his show for amusing visits by celebrities... lately, such as the hunky Nick Lachey, the hot and newly-single Britney Spears, and the newly-racist and insane Michael Richards.

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