Friday night, the Rock and Roll Hall of Fame also inductedELO, Joan Baez, Journey, Tupac Shakur and Yes.
Earlier in the night, Snoop Dogg appeared on stage to induct late hip-hop artist, poet, and actor Tupac Shakur, calling the "California Love" emcee "the greatest rapper of all time, but first and foremost the homeboy".
Now that Pearl Jam is being inducted into the Hall of Fame, Ament and Schultz are reflecting on their career too.
In classic Letterman monologue form, he praised the band - "a true living cultural organism" that fights against injustice - for its mid-1990s fight against "those beady-eyed bloodthirsty weasels at Ticketmaster".
Snoop Dogg was on hand to collect Tupac's trophy, more than two decades after he was shot dead in Las Vegas.
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"Chance, want to thank you for all the great work you're doing in Chicago".
Tributes were paid to rock n roll legend Chuck Berry, who died last month, ages 90, with ELO playing one of his best known hits - Roll Over Beethoven.
Regarding Yes, who finally was chosen for induction after being eligible for more than 20 years, Harris said he thinks it took so long for the group to be recognized because of "a prog-rock logjam", where the votes were being split between the biggest acts of the genre. Stand up.You can read Letterman's entire speech here, in which he shared an endearing anecdote about Vedder giving Letterman's son a small guitar and also claimed, "These guys, I used to have a television show, they were on my show 10 different times over the years".
Pearl Jam's lead singer, Eddie Vedder, and Joan Baez seized the moment to advocate for social activism. "'We can not be the generation history looks back on and thinks 'Why did they not do everything humanly possible to solve this biggest of problems?"
Leading up to the show, rumors swirled that former Journey singer Steve Perry would perform with the band for the first time in more than 20 years.
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For almost four decades, Arnel Pineda has always wanted to meet Journey's original frontman Steve Perry. As a matter of fact, listen to this, tonight the entire balcony is full of former Pearl Jam drummers.