It is official. Jay Leno is stepping down from The Tonight Show.

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The word came down this morning in a joint statement from NBC and Jay. So who will take over Mr. Leno's job? Jimmy Fallon. And get this. The Tonite Show will move to New York City from Los Angeles. As a matter of fact, NBC is building a brand new set for Jimmy at NBC headquarters in New York. Jimmy is gonna have it good.

By the way, NBC has not said who will replace Jimmy in his show but many people are hoping it will be Saturday Night Live star Seth Meyers.