I figure Conan's gonna be pissed about this one.
Turns out NBC only offered him the 10:30 SLOT.
However, Conan really wants to move out to Los Angeles because that's where all the stars are at. He'll never be able to do that as long as Leno has his show there.
That being said, it's a brilliant move for NBC (there may be a lot of Leno haters here, but the ratings don't lie...)
They're already building a brand new studio for Conan in LA, so I think he's still going out there. I guess they could have changed their plans and maybe Leno will get the new studio instead.