Kathie Lee Says Farewell

It's the end of an era.

Kathie Lee Gifford said goodbye Friday to Regis Philbin and the daytime show they've co-hosted together for 15 years, Live With Regis and Kathie Lee.

Gifford told CBS News' The Early Show on Friday morning that one of the reasons Live has been so successful for her is because she makes sure to share her heart with viewers.

She also said you may not like what you see, but what you see is what you get.

"It is just so simple. We have fun," Gifford said. "Fun is a contagious thing. (Regis) makes me laugh. I make him laugh."

Philbin, who is also host of ABC's game show phenomenon Who Wants to Be a Millionaire, presented Gifford with a proclamation from New York Mayor Rudolph Giuliani naming the day "Kathie Lee Gifford Day."

Michael Eisner, chairman of Walt Disney Co., also presented Gifford with an Emmy-like statue of Mickey Mouse. There were also videotaped salutes from David Letterman, host of CBS' "Late Night With David Letterman" late-night talk show and ABC's All My Children soap star Susan Lucci. ABC is a subsidiary of Walt Disney Co.

Gifford, 46, held back tears as Philbin toasted her over a cake inscribed with "Thanks for the Memories."

This week's finale of shows featured appearances by several "mystery guests," including ABC News veteran Barbara Walters, real estate tycoon Donald Trump and actress Marilu Henner, as well as clips of special moments from the show.

Gifford also appeared on Letterman's show Thursday night, where she delivered the "Top Ten Things Kathie Lee Will Do With Her Free Time."

"I feel really, really satisfied," she said. "Very satisfied with the last 15 years. Just so grateful that Regis and I had so much fun for so long, that we touched so many peoples' lives.

Gifford announced Feb. 29 she would leave with the expiration of her contract at the end of July, saying she wanted to spend more time with her two children and family.

Her departure followed a 15-year run that saw Gifford buffeted at times by some rather ugly press, notably the highly publicized 1998 dalliance of her husband, Frank Gifford, and allegations in 1996 that her clothing line was running sweatshops in Latin America.

Through it all, Live with Regis and Kathie Lee remained one of the most steady ratings performers in daytime television. The program debuted nationally in 1988 after a local New York run of three years.

Gifford told CBS Early Show Co-Anchor Jane Clayson that Regis asked her to stay.

"Yeah, a couple of weeks ago, he talked to me about it. He said, 'It's not too late,'" she said. "I said, 'You know it is. No one would ever believe me again if I said this was just a big hoax.'"

Gifford said one of her favorite moments from the show was a day when everything was going wrong.

"You know, that's the charm of our show, not when things go right, but wheeverything goes wrong."

Gifford has taken knocks for talking about her kids, something she defends passionately.

"You show me one parent who doesn't talk about her kids," she said. "Until my children give me a gag order that says, 'Don't talk about me, Mommy,' I'm going to talk about them, as any parent would."

And Gifford denies rumors of sexual tension between her and her co-host are simply not true.

"Oh, please. That's what it isn't," she said, laughing. "Sexual tension? He wishes! In his dreams."

Despite 15 years of tabloid trials and tribulations, Gifford says she's stronger now - and more private.

"When people say to me, 'Oh, I've been watching me for 15 years; I know everything about you,' I just sort of smile inside and say, 'You know, they just think they know everything about me. They know what I've been comfortable sharing."

She had recently performed a fill-in role in the Broadway musical Putting It Together and was a guest host for Letterman's Late Show.

"I'm entering my 35th year in this business, and I love this business. I have changed in that I've developed a much thicker skin. I am no longer that people-pleasing Kathie Lee. I now please the people that matter.

Philbin's wife, Joy, who frequently subbed for Gifford in the past, will sit with her husband for the show's first post-Kathie Lee installment Monday. After that he will share the studio with a succession of part-time hosts until a regular replacement is found.

In the meantime Philbin will get exclusive billing under the show's new title, Live with Regis. "I'll miss that sharing our lives together. But he does literally live around the corner from me," she said. "If he needs to borrow money, he knows where he can find me!"

So, will she watch the show on Monday?

"I'm going to be working," she said. "I'll probably get a tape and watch it when I get back from the studio. But, hey, honey, it's, like, eat my dirt. I'm out of here."

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