This New York Times article explains that Stephen Colbert is leaving The Daily Show to start his own show called "The Colbert Report." The show will be a parody of cable news pundit shows like "The O'Reilly Factor."
"Though not intended to feature a dead-on impersonation of Mr. O'Reilly, "The Colbert Report" will have the feel of "The O'Reilly Factor," with an outspoken host delivering blunt opinions, some of them illustrated by graphics - Mr. O'Reilly calls them "talking points" - that are the equivalent of captions for the impaired, emphasizing what the host is trying to communicate.
"Like O'Reilly, we'll grab the most important word out of every sentence," Mr. Colbert said. " 'The,' for example. Also, I'll say, 'I'm angry,' and the graphic will read, 'Colbert angry.' "