3 April 2013 9:32 AM, PDT | EW - Inside TV | See recent EW.com - Inside TV news »

It’s official: NBC announced today that Jimmy Fallon will succeed Jay Leno on The Tonight Show.

Leno will wrap up 22 years of hosting the franchise in Spring 2014, which marks the end of his current contract. Fallon, who currently reigns at 12:30 a.m. with his Late Night, will take over at that time. Had NBC made the decision to install Fallon earlier — like, say, around the Winter Olympics — it would have had to pay out millions in penalty fees to Leno.

As previously reported, The Tonight Show will return to its original home in 30 Rock in New York and »

- Lynette Rice

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