David Letterman isn't leaving
Late Night anytime soon.
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CBS network execs are re-signing the Emmy-winning talk show host's
Late Show With David Letterman for an additional three years and through the 2011-2012 season,
The Hollywood Reporter reports.
The agreement would mark a two-year extension of his current contract, which is set to expire in 2010.
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Previous agreements gave the host a salary of $30 million per year, but because of the current state of the economy, CBS was able to negotiate a lower license fee with
Late Show production company Worldwide Pants. (It's not clear if the fee cutback impacts Letterman's salary, or just production costs.)
The decision comes a week after a drastic switch in NBC's late-night lineup. Although Conan O'Brien -- who replaced Jay Leno as host of
The Tonight Show -- beat Letterman in the ratings during his first week, the gap has narrowed in recent days.
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Since September,
Late Show has been up six percent in viewers from the previous year and averages 3.8 million viewers per episode.
Letterman, 62, has been on CBS for the past 16 years. Before then, he was host of NBC's
Late Night, where he was replaced by O'Brien.
