Drew Carey: Come On Down!

The price will be right for Drew Carey, as he’s been named as Bob Barker’s replacement for the popular daytime game show.

Carey made the announcement on Monday’s episode of The Late Show with David Letterman, and stated “I realize what a big responsibility this is. It's the longest-running game show in American television and I plan to keep it that way.”

Carey, who is 49, becomes only the third host of The Price Is Right since it debuted in November of 1956. It was originally hosted by Bill Cullen, and aired on NBC. The show eventually moved to ABC, where it ran until 1965. After several years off the air, it found a new home at CBS under the name “The New Price Is Right” in 1972. The “New” in the title was dropped at the end of the first season. Until now, Barker was the only host of the CBS version, aside from some nighttime syndicated versions that were hosted by Dennis James, Tom Kennedy and Doug Davidson.

In addition to his hit series, The Drew Carey Show, Carey has been host of the improv program Whose Line Is It Anyway, and will be seen as the host of another game show, The Power Of 10, when it airs next month on CBS.