I love the fact that when Letterman left NBC in 1993 the Network proclaimed many of the characters and skits on his old show to be the intellectual property of NBC. Being Letterman, he made it into a whole series of sketches and easily got around the restrictions.
But what did NBC really get?
...the name Larry 'Bud' Mehlman and "Pea-Boy".
Now the network has done this to Conan O'Brien. What do they get?
...the Masturbating Bear.
Well, I guess they can give him one of Leno's abandoned prime time hours, sounds like it could draw at least a 1.4 in the demo like Leno did.