Regis Philbin recently announced that he was leaving 'Live with Regis and Kelly', a show he originally began in 1988 with Kathie Lee Gifford.

TMS.com is reporting that the reason Regis is leaving is a disput over his pay. TMZ states that "Philbin's agent Jim Griffin was in negotiations with executives of ABC for a new contract when his current deal expired and the execs made it clear that they wanted Philbin to take a pay cut".

According to reports, the show is not performing as in the past and the amount of time off Philbin takes is a major cause in that.

Apparently regis was so angry over the comensation offer that he decided to retire instead. Regis also reportedly fires his agent because of the failed negotiations.