Balance Vector Productions will also produce the untitled film about five American teenagers who are running for a variety of elected offices across the US in 2007 ranging from a seat on the school board to town mayor.
Michael Moore's former personal assistant Jason Pollock will shoot until Election Day (Nov 6) in the states of Connecticut, New Jersey, Indiana, Tennessee and Pennsylvania.
Worldwide Pants previous output has been solely devoted to comedy, given Letterman's career as a comedian and long-running host of CBS' The Late Show. Company credits include Paul Dinello's Strangers With Candy and the sitcom Everybody Loves Raymond.
'I'm very impressed with Jason Pollock and all the young people in this film,' Letterman said. 'When I was their age I was still delivering papers on a paper route, and I wasn't even very good at that.'
'Our company believes that creativity comes in all forms, and we're excited about how this project portrays young people taking control of their own destinies in a way that's both innovative and inspiring,' Worldwide Pants president and chief executive officer Rob Burnett said.