Now we get it: Regis Philbin is leaving Live With Regis and Kelly because ABC executives were planning to cut his salary. TMZ reports that Philbin makes nearly $20 million a year, but his show has not been performing well and he takes a lot of time off. Philbin was apparently angry about the new offer, and announced on air that he would leave the show. Co-host Kelly Ripa found out 15 minutes before the two went on the air, and was reportedly "furious" with him because she felt he disrespected her. The show's entire production team is angry at Regis as well for "blindsiding" them, according to TMZ.