Jimmy Fallon to Succeed Conan O’Brien

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After months of speculation, Jimmy Fallon has sealed a deal to succeed "Late Night" host Conan O'Brien on NBC in 2009, sources said.

O'Brien, whose show airs at 12:35 a.m., is moving into the 11:35 p.m. slot next year after "Tonight Show" host Jay Leno's retirement, which was announced in 2004.

NBC is expected to make the announcement May 12 during its upfront event in New York.

The deal gives Fallon and "Late Night" executive producer Lorne Michaels enough time to assemble a team and prepare for Fallon's takeover after O'Brien's departure, expected in January.