Regis Philbin decided it was time to leave Live With Regis And Kelly after he was told he would be receiving a paycut due to poor ratings on his former hit morning show.

Currently Regis Philbin rakes in upwards of $18 to $20 million per year, however after talking to ABC executives his now fired agent Jim Griffin told Regin that they couldn’t come to a deal that would secure the same amount of money.

Regis is believed to have told co-host Kelly Ripa about his decision just 15 minutes before going on the air to announce that he would be leaving ABC.

Apparently Ripa was furious over Regis’

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