Watch Jon Stewart Celebrate Stephen Colbert's 'Late Show' Hire

And Then Watch Colbert Pay Tribute to David Letterman

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On last night's "Daily Show," Jon Stewart played a clip from the old days, back when Stephen Colbert was a senior correspondent for the faux-news program. In the clip-within-a-clip below, Colbert, consummate comedy professional, does what he rarely does -- he completely loses it, dissolving in laughter that's hard to watch without laughing too. And then Stewart says some very nice things about his old friend and colleague -- and also about the man, David Letterman, that Colbert is set to replace on the "Late Show."

In the second clip, from last night's "The Colbert Report," Colbert also offers praise for Dave and his legacy, adding, to roaring applause, that "I do not envy whoever they try to put in that chair."

Simon Dumenco is the "Media Guy" columnist for Advertising Age. You can follow him on Twitter @simondumenco.

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