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The "Saturday Night Live" alum has renewed his contract with NBC to host the "Tonight Show" for six more years.
In the year-and-a-half since Fallon took over the show from Jay Leno, the show has kept itself in the No. 1 spot for late-night with an average 3.8 million viewers and a 1.1 rating among the advertiser-coveted 18 to 49-year-old demographic.
"Jimmy Fallon is simply the best that there is, the most versatile star of a show anywhere in television in my opinion," said NBC Entertainment Chairman, Robert Greenblatt, in a statement.
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He continued to gush, "'The Tonight Show' has always been an institution, but he's remade it into a destination for the largest audience anywhere in late night. He's the face of NBC in a lot of ways and we're thrilled he's going to be hosting 'The Tonight Show' for many years to come."
Fallon has ushered in a new style for late-night. He has been able to dial in on viral videos with sketches and games with his celebrity guests. Overall, he helped bring a more variety show feel to the genre. It's something ABC's Jimmy Kimmel is also doing and part of the reason David Letterman decided it was time to retire.