Meyers currently hosts the "Weekend Update" segment of "Saturday Night Live," a duty that Fallon also covered for NBC's late-night institution.
"We think Seth is one of the brightest, most insightful comedy writers and performers of his generation," NBC entertainment chairman Robert Greenblatt said. "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," said Greenblatt, "On behalf of Steve Burke, Ted Harbert and Paul Telegdy, we couldn't be happier that Seth and Jimmy Fallon will be continuing their careers at NBC after growing up in this network's late night legacy."
"I only have to work for Lorne for five more years before I pay him back for the time I totaled his car," Meyers added. "12:30 on NBC has long been incredible real estate. I hope I can do it justice."