Jon Stewart is scheduled to take a 12-week hiatus from hosting the Daily Show this summer, in order to direct his first feature film.
According to Deadline, Stewart will get behind the camera for ROSEWATER, which is based on Maziar Bahari’s book Then They Came For Me: A Family’s Story Of Love, Captivity And Survival. The book tells the story of Bahari, a BBC journalist, who was held in an Iranian prison for 118 days and viciously interrogated while covering the country's Presidential election back in 2009. The title comes from the one thing Bahari knew of his interrogator - he smelled of rosewater.
(He was arrested days after doing an appearance on The Daily Show, as I recall.)
As for what will become of THE DAILY SHOW in his absence, the program already has some weeks off for re-runs built into its summer scheduling, but, when they are fresh on the air, it'll be regular DAILY SHOW correspondant John Oliver filling the anchor's chair.