When Jimmy Fallon leaves Late Night to become the host of The Tonight Show in 2014, Saturday Night Live’s Seth Meyers will replace him. The programs will be produced out of New York and Lorne Michaels will executive produce both of them, in addition to Saturday Night Live.

According to a source at NBC, Meyers’ new show may end up resembling The Daily Show with Jon Stewart or SNL’s Weekend Update segments.

Here’s NBC’s announcement:

NBC NAMES SETH MEYERS AS HOST OF “LATE NIGHT” WHEN JIMMY FALLON TAKES OVER “THE TONIGHT SHOW” IN 2014

LORNE MICHAELS WILL EXECUTIVE PRODUCE “LATE NIGHT WITH SETH MEYERS,” MICHAEL SHOEMAKER WILL REMAIN ON AS PRODUCER

NEW YORK – May 12, 2013 – NBC names the versatile Emmy-winning writer/performer Seth Meyers as the new host of “Late Night” when Jimmy Fallon moves to “The Tonight Show” in 2014. Lorne Michaels will executive produce “Late Night with Seth Meyers” and Michael Shoemaker will remain with the franchise as producer. “Late Night with Seth Meyers” will originate from 30 Rockefeller Plaza in New York.

The announcement was made today by Bob Greenblatt, Chairman, NBC Entertainment.

“We think Seth is one of the brightest, most insightful comedy writers and performers of his generation. 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.”

“Since 1982, there have been three ‘Late Night’ hosts starting with David Letterman, and Seth couldn’t be in better company,” said Lorne Michaels, Executive Producer of “Late Night.”

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

Last fall Meyers returned for his twelfth season as a cast member, eighth season as head writer and seventh season as “Weekend Update” anchor. In 2011, Meyers won the Emmy for Outstanding Original Music and Lyrics for host Justin Timberlake’s musical monologue. He was nominated in same category in 2012 for host Jason Segel’s monologue song. Meyers has also garnered five additional Emmy nominations for his work as a writer on SNL and the 2011 special “The Real Women of SNL.” Meyers has hosted the 2010 and 2011 ESPY Awards on ESPN and headlined the 2011 White House Correspondents’ Association Dinner to rave reviews.

The premiere date for “Late Night with Seth Meyers” will be announced at a later date. Lorne Michaels is executive producer, Michael Shoemaker will act as producer. “Late Night” is a production of Universal Television in association with Broadway Video. NBC is America’s Late Night leader with the number one-rated “Tonight Show with Jay Leno,” “Late Night with Jimmy Fallon,” “Last Call with Carson Daly” and “Saturday Night Live.”

What do you think? Is Seth Meyers a good choice, bad choice, or somewhere in between? What do you think about changing the format of Late Night?