David Letterman isn't going anywhere.

CBS Corp. announced Monday that the late-night funnyman has signed a contract to stay on the air until at least 2010. It was widely reported in September that Letterman had agreed to the deal.

The contract means Letterman plans to stay on the air longer than late-night rival Jay Leno. NBC has said that Leno will give way to Conan O'Brien on the "Tonight" show in 2009.

"I'm thrilled to be continuing on at CBS," Letterman, 59, said. "At my age you really don't want to have to learn a new commute."

Tune in for more coverage in the Television Center.

Letterman is expected to make somewhere north of $30 million a year. He's been competing with Leno since 1993, and the NBC comic has had the upper hand in the ratings for the past decade.

"His presence on our air is an ongoing source of pride, and the creativity and imagination that the `Late Show' puts forth every night is an ongoing display of the highest quality entertainment," said CBS Corp. President Leslie Moonves, who's been a target of Letterman's on-air barbs. "We are truly honored that one of the most revered and talented entertainers of our time will continue to call CBS home."

Visit FOXNews.com's Television Center for more coverage.