Satirist Stephen Colbert took time out from lampooning the Olympics and Mitt Romney's overseas tour on his Comedy Central television show last night (July 31) to announce that he is curating a music festival. The "StePhest Colbchella '012: RocktAugustFest" will take place on Aug. 10.

The Flaming Lips, Santigold, Grizzly Bear, and fun. will perform at the festival. Rap legend Grandmaster Flash will serve as the festival's DJ. The concert will be filmed, with the performances and interviews to be broadcast on the 'Colbert Report' the week of Aug. 13.

In perhaps a nod to Coachella's recent decision to get into the rock cruise business, Colbert upped the ante by saying that his festival will take place aboard the U.S.S. Intrepid, a decommissioned aircraft carrier that sits in New York Harbor. Since 1982, the ship has served as the Intrepid Sea-Air-Space Museum.

Last summer, Colbert dedicated a week of programming to indie acts, which he called "StePhest Colbchella '011: Rock You Like a Thirst-Icane."

Watch Stephen Colbert Announce "StePhest Colbchella '012: RocktAugustFest"