David Letterman, Craig Ferguson Re-Up at CBS Through 2014

David Letterman & Craig Ferguson

As part of the pact, "Late Late Show" will move to a larger stage at the CBS' Television City and be co-produced by the network.

CBS has renewed its contracts with hosts David Letterman and Craig Ferguson, proving the mark of stability as rival NBC has played a very public game of late-night musical chairs.

The respective Late Show and Late Late Show hosts will remain on the network through 2014. As part of the pact, Ferguson will move his 12:35 a.m. show to a larger stage at CBS’ Television City. In turn, the network will begin co-producing the 7-year-old, Peabody Award-winning series with Letterman's Worldwide Pants. The latter wholly owns Letterman’s show.

The news comes two months after Letterman celebrated his 30th anniversary as a late-night host, having started with NBC's Late Night With David Letterman. Extending his current contract with CBS, which has been his network home since 1993, Letterman will surpass the iconic Johnny Carson as the longest-running late-night host.

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Thus far this season, Letterman’s Late Show -- which has been nominated for 70 Emmys -- is averaging 3.3 million viewers and a 0.9 rating with the all-important 18-49 demographic. Perhaps more noteworthy: His late-night offering is now tied with longtime rival Jay Leno’s Tonight Show in all key demos.

"David Letterman is a late-night legend with an iconic show, and Craig Ferguson continues to evolve the genre in exciting and innovative ways," CBS entertainment chief Nina Tassler said in announcing the news.