CBS announced on Wednesday that comedian Stephen Colbert’s Late Show will stay in New York, The Associated Press reports.

“We’re thrilled to continue broadcasting CBS’s Late Show from New York and call the Ed Sullivan Theater its home,” said CBS Corp. president and CEO Leslie Moonves in a statement obtained by The Hollywood Reporter. “David Letterman has graced this hall and city with comedy and entertainment that defined a generation. When Dave decides to pass the baton next year, we look forward to welcoming Stephen Colbert, one of the most innovative and respected forces on TV, to this storied television theater,”

“I would also like to applaud Gov. Cuomo for all that he has done to keep New York a vibrant and attractive location for all forms of television production,” Moonves added. “We’re excited to be here in late night for many years to come.”

The AP notes that CBS could receive up to $11 million in tax credits for keeping the Late Show at the Ed Sullivan Theater.

David Letterman, the show’s current host, will hand over the show to Colbert in 2015.

Did CBS make the right choice keeping Colbert’s Late Show in New York? Sound off in the comments section.