CBS Extends Letterman's Contract

While NBC can't push Jay Leno out the door quick enough, CBS is hanging onto the guy that Leno beats on a regular basis. 

CBS has extended David Letterman's contract until 2015.

"There is only one Dave, and we are extremely proud that he continues to call CBS 'home,'" Leslie Moonves, CBS Corp president and chief executive, said in a statement on Friday.

"Les and I had a lengthy discussion, and we both agreed that I needed a little more time to fully run the show into the ground," the 66-year-old Letterman added.