Did Regis Philbin Quit Over a Pay Cut Dispute?

There's a new twist in the surprise departure of Regis Philbin from 'Live With Regis and Kelly,' and as you'd expect, it centers around money. Loads of money. Regis fired his longtime manager, Jim Griffin, right after telling viewers he was quitting, and sources say he made the move because he was insulted by a proposed pay cut.

According to TMZ sources, Regis makes between $18 and $20 million a year. I'm told it's a bit less than that, but regardless, an insider tells me that's "more than double" what Kelly Ripa receives. ABC producers wanted an adjustment for Regis' new contract, and Jim Griffin went to work on negotiations.

"Regis was insulted by the offer he got and chose to leave, blaming his agent on his way out," a television exec tells me. "The problem is the world has changed around this legend. Regis thinks he's being pushed out for someone they can pay peanuts to. The problem is if he thinks he's going to get anywhere near that sort of money doing another show he should think again."

Regis, 79, announced the news on last Tuesday's episode of the hit show, saying that he will leave the program sometime in late summer.

He apparently told Kelly about his decision 15 minutes before they went on air. While initially she was said to be stunned, she is now apparently furious and feels he showed a total lack of respect for her.

An insider with knowledge of the situation tells me that ABC wanted to retain Regis but also felt that Kelly had proven during his medical leaves and frequent days off that she could thrive without him.

"The writing was on the wall when Regis got sick and the show's ratings did not decline," my source says. "When it came time to renegotiate his contract again, the producers knew the show would survive with or without him and offered him way less than the multimillions he had become accustomed to."

Regis has said he's not quitting television, just the show he's helmed since 1983. ABC will announce his replacement in the coming months.

I was at ABC studios in New York just hours after Regis made his announcement and an executive who spoke on the condition of anonymity told me that producers have been "unofficially testing" out possible replacements for a while, but that they haven't necessarily found Kelly's partner yet.

"The show can definitely survive without Regis if they find Kelly the right new co-host," an ABC exec tells me. "For some time they have been unofficially testing out potential replacements on the show. Neil Patrick Harris, Anderson Cooper and even Kelly's husband, Mark, have filled in; yet no one was as good as Regis."

Regis Philbin Quit Over Pay Cut

Regis Philbin quit his show after execs told his agent they would cut his salary when his current contract expired ... sources tell TMZ.

Sources connected with the show tell TMZ ... Regis' agent, Jim Griffin, was talking with execs from the ABC station group about a new contract for Regis when his current deal expired. We're told the honchos made it clear ... Regis would be getting a pay cut, partly because the show is not performing as well as in the past ... and partly because he takes a lot of time off.

Sources say Reeg is currently pulling in between $18 and $20 million a year.

Regis, we're told, was angry at the offer and that was the trigger for his announcement this week that he's leaving the show.

TMZ first reported ... Regis told Kelly Ripa about his decision 15 minutes before they went on the air. Initially we were told she was stunned but not angry. Now we've learned she was furious -- partly because, as one source says, "She felt it showed a total lack of respect for her."

We're told the entire production team is angry at Regis because they feel he hurt the show by blindsiding everyone.

As for Regis' agent, Jim Griffin, Reeg fired him. We're told Regis feels Griffin did not negotiate the upcoming deal effectively.