I'm a big fan of his show, and through careful observation I've decided that Colbert is hiding a massive Lion King Love that he never grew out of ^.^ He's used the "Circle of Life" more often than about any other show I've seen, and even sung it I think at least two times.
On his may 13th episode he leads the audiance in a lively singing on the finale of "Just can't wait to be King"
He devotes an entire page of his book (I am America) to TLKOB
You be the judge ^.^ But I'm thinking that me and my favorite sarcastic pundit have something in common =D