The television producer accused of trying to blackmail David Letterman pleaded guilty Tuesday to a felony charge of grand larceny in exchange for a reduced prison sentence.

Robert "Joe" Halderman, 52, entered the plea during a court appearance in Lower Manhattan.

He will now serve six months in prison, followed by 4.5 years of probation and 1,000 hours of community service, working with young adults coming out of prison and formerly-homeless individuals.

The community service will be split between New York and Stamford, Connecticut, where he lives.

If convicted without a plea deal, Halderman faced up to 15 years in prison.

The CBS "48 Hours" producer admitted to wanting to extort $2 million from Letterman to keep quiet about the talk show host's extramarital affairs.

Halderman's lawyer, Gerald Shargel, said in the past that his client was just offering the "Late Show" host a chance to buy and keep private a screenplay about his life.

"It was a novel defense. We weighed the defense. We weighed the prospects of going to trial, and he thought this was the best way to resolve it," said Shargel.

"Again, I want to apologize to Mr Letterman and his family, to [former Letterman assistant] Stephanie Birkitt and her family and certainly to my friends and family," said Halderman.

Letterman, who was not present at the hearing, released a statement praising the law enforcement officials for their efforts.

“I would like to thank the District Attorney of Manhattan, Cyrus R. Vance, Jr., the former District Attorney, Robert M. Morgenthau, the Special Prosecutions Bureau in the D.A.'s Office, and the New York City Police Department," Letterman said. "When they became involved with this case, I had complete faith that a just and appropriate result was inevitable. On behalf of my family, I am extremely grateful for their tireless efforts.”

Halderman, who is free on bail, will be sentenced on May 4.