It's official: Come next year, Seth Meyers will officially be the new host of NBC's Late Night when Jimmy Fallon moves on to take over The Tonight Show. According to Vulture, NBC confirmed the news in a press release yesterday.

"I only have to work for Lorne for five more years before I pay him back for the time I totaled his car," Meyers joked of the news. "12:30 on NBC has long been incredible real estate. I hope I can do it justice."

Meyers will reportedly finish the fall season on Saturday Night Live before heading on over to Late Night next year. SNL creator Lorne Michaels will continue to act as executive producer for both Late Night and The Tonight Show as well.

RELATED: The 50 Best "Saturday Night Live" Skits

[via Vulture]