The Daily Show regular will star each night in The Colbert Report, likely starting in September. Comedy Central is revamping its schedule, recognizing that late-night programming is essentially prime time for its youthful audience.

"He'll be a very well-intentioned, poorly informed, high-status idiot, not unlike some people who have these shows in the real world," Colbert said.

Besides lampooning O'Reilly, the king of the cable TV opinion shows, he's sending up people such as Sean Hannity, Joe Scarborough and Anderson Cooper, he said.

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