Seth Meyers to replace Jimmy Fallon as host of 'Late Night'

It's official: Seth Meyers is the next host of NBC's "Late Night."

The network announced Sunday that the 12-year "Saturday Night Live" veteran will take over when Jimmy Fallon heads to "The Tonight Show" next year, saying the show will be renamed "Late Night with Seth Meyers."

"We think Seth is one of the brightest, most insightful comedy writers and performers of his generation," said Bob Greenblatt, chairman of NBC Entertainment.

"His years at SNL's 'Weekend Update' desk, not to mention being head writer of the show for many seasons, helped him hone a topical brand of comedy that is perfect for the 'Late Night' franchise," Greenblatt said.

Meyers, 39, joked, "I only have to work for Lorne (Michaels) for five more years before I pay him back for the time I totaled his car."

He added: "12:30 on NBC has long been incredible real estate. I hope I can do it justice."

No date for Meyers' debut was given, but both he and Fallon are expected to begin their new gigs sometime around February, during NBC's coverage of the Winter Olympics.

He will be the fourth host in the show's history, following David Letterman, Conan O'Brien and Fallon.

The show, along with "The Tonight Show," will call 30 Rock home, and Lorne Michaels will be the executive producer of both, in addition to being in charge of "SNL."

The "Weekend Update" anchor won an Emmy award in 2011 for writing the music and lyrics for Justin Timberlake's "SNL" monologue that year. He has been the show's head writer for eight seasons.