Drew Carey, Come on Down!

It's official: Drew Carey will be the next host of "The Price Is Right." For weeks he was rumored to be a favored finalist to replace Bob Barker; while filming the David Letterman show yesterday he confirmed that the deal was finalized. It's reportedly a multi-year agreement for a high seven-figure salary.

In choosing Barker's replacement, "likability was huge, as was finding someone who can relate to the contestants and someone who had fundamental respect for the game," said  CBS president Nina Tassler. Carey will also continue to host his current game show "Power of Ten." (More Drew Carey stories.)