May 12 (Bloomberg) -- NBC, the U.S. network with the most- watched late-night talk shows, said comedian Jimmy Fallon will replace Conan O'Brien as host of the ``Late Show'' next year.

Fallon, a former cast member on the network's ``Saturday Night Live,'' will become host of the show as O'Brien moves to the ``Tonight Show'' next year, replacing Jay Leno, NBC co- Chairman Ben Silverman said today at a news conference in New York.

The premiere of ``Late Night with Jimmy Fallon'' will be set at a later date, NBC said. ``Late Night'' lured more viewers than CBS Corp.'s ``Late Late Show with Craig Ferguson'' on 132 of 164 weeknights this season, NBC said last week. The ``Tonight Show'' beat CBS's ``Late Show with David Letterman'' on 146 nights. NBC is in talks with Leno to stay with the network after the transition, Rick Ludwin, head of late-night said.

``It's a comedian's dream to get this job, to work with writers and try to be funny every night,'' Fallon, 33, said at the news conference. ``That's the challenge of live TV, to come back every night and try to be funny.''

NBC parent General Electric Co. rose 13 cents to $32.40 at 4:15 p.m. in New York Stock Exchange composite trading. Shares of the Fairfield, Connecticut-based company have lost 13 percent this year.

Fallon joined ``Saturday Night Live'' in September 1998 after performing in comedy clubs in Los Angeles and New York. He became well-known by hosting the program's satirical newscast ``Weekend Update'' with cast member Tina Fey.

`Nothing Like It'

After leaving ``Saturday Night Live'' in 2006, Fallon appeared in feature films including Weinstein Co.'s ``Factory Girl.'' He also portrayed an obsessed Boston Red Sox fan in the 2005 romantic comedy ``Fever Pitch.''

``With movies you work six months and then it comes out six months later and people go `Eh, not so good,''' Fallon said. ``I miss the live audience. There's nothing like it.''

O'Brien, 45, arrived at ``Late Night'' in 1993 when Letterman departed to create his own talk show at CBS. Before hosting the show, O'Brien was a writer on ``Saturday Night Live'' and ``The Simpsons.'' NBC Universal is building O'Brien a new studio in Los Angeles for the ``Tonight Show,'' which airs at 11:35 p.m. New York time, opposite Letterman's ``Late Show.''

``Saturday Night Live'' creator Lorne Michaels, a producer of the ``Late Show'' under O'Brien, will remain in the position after Fallon takes over, NBC said.

``I hope to make it the best show and a great show to fall asleep during,'' Fallon, who grew up in upstate New York, said of his new assignment.

Late-Night Competition

The 12:35 a.m. New York time slot for the ``Late Show'' became more competitive after Letterman, 61, created the CBS show hosted by Ferguson, 45. Walt Disney Co.'s ABC started a late-night show in 2003 hosted by Jimmy Kimmel that airs at 12:05 a.m.

Disney's ABC, News Corp.'s Fox and Sony Corp.'s television production division are vying to sign Leno, 58, to host a new late-night program once he leaves the ``Tonight Show,'' the New York Times reported without citing sources.

NBC is also discussing future possibilities with Leno, Ludwin said without elaborating. The delay in setting an exact date for O'Brien and Fallon to assume their new roles is because of NBC's talks with Leno, he said.

``Everyone wants Jay Leno to stay part of the NBC family,'' Ludwin said. ``That's a big part of what's going on.''

NBC Universal is 80 percent owned by GE and 20 percent by Paris-based Vivendi SA.

To contact the reporter on this story: Andy Fixmer in Los Angeles at afixmer@bloomberg.net

Last Updated: May 12, 2008 17:03 EDT