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Stephen Colbert announces Colbchella 2012 with Flaming Lips, Grizzly Bear, Santigold

Stephen on the Colbert Report

On last night's episode of the Colbert Report, Stephen announced that his "long-running" one-year music festival tradition will continue this year with Colbchella 2012 (RocktAugustfest). The event goes down Friday, August 10th at 7pm aboard New York City's Intrepid Sea–the World War II aircraft carrier that is now a museum. The lineup is set to include: The Flaming Lips, Grizzly Bear, Santigold, Grandmaster Flash and Fun.

For free tickets and other information, head over to ColbertNation.com. Watch the hilarious announcement from last night, which features a quick guest appearance from Michael Stipe, below.