This means Letterman, who has helmed a late night franchise since 1982, will surpass Johnny Carson’s current record of 30 years in late night TV.

“Late Late Show” host Craig Ferguson’s contract has also been extended to 2014. Ferguson, whose show is produced by Letterman’s production company Worldwide Pants, also gets an upgrade to a bigger stage at CBS Television City in Los Angeles, the network added.

Letterman’s late night journey started with “Late Night” on NBC in 1982; when he was passed over for the “Tonight Show” job in favor of Jay Leno, he moved on over to CBS to start the “Late Show” in 1993. This, of course, led to a highly entertaining public feud between the two hosts for years.