From Madonna to Richard Simmons: 5 of our favourite 'Late Show' moments

Late Show host David Letterman and his musical sidekick Paul Shaffer have announced that they will retire in 2015.

The duo broke the news during a live taping of the show, on which they've made a formidable team since 1993.

After 21 years of Late Show guests, David holds the record for longest-serving late night host in American television history.

The former Oscar host turns 67 next week, and it appears his priorities are changing: “What this means now,” he joked, “is that Paul and I can be married.”

Bowing out gracefully, the “Top Ten List” comic addressed CBS chairman Leslie Moonves, saying “it’s been great, you’ve been great, and the network has been great, but I’m retiring.”

In honour of the news, we take a walk down memory lane with five iconic Late Show moments that made us smile.

2006: Fitness guru Richard Simmons plugs his steamer, and it catches on fire

1982: Taxi star Andy Kaufman gets slapped out of his chair by professional wrestler Jerry Lawyer

1988: Comic and Roseanne actress Sandra Bernhard sloppily makes out with David Letterman while wearing long denim shorts

1994: Madonna achieves record for dropping the most F-bombs in Late Show history

2009: Joaquin Phoenix’s famous Late Show stunt

HELLO! Canada magazine is available for your tablet and smartphone. Get HELLO! Canada, PEOPLE, Vanity Fair and over 100 more of the world’s best magazines for one low monthly price at Texture by Next Issue. CLICK HERE to sign up for a free trial.