David Letterman has renewed his contract to stay on the air until at least 2010. The chat show king, who has hosted the 'Late Show with David Letterman' on the CBS network since the early 90s, is expected to earn a ballpark of $30 million a year.
Letterman said: "I'm thrilled to be continuing on at CBS. At my age you really don't want to have to learn a new commute."
CBS Corporation announced that Letterman had signed the minimum four-year contract on Monday, however it was widely reported in September that he had agreed to the deal.
A spokesman for the company said: "His presence on our air is an ongoing source of pride, and the creativity and imagination that the `Late Show' puts forth every night is an ongoing display of the highest quality entertainment."