Goodbye to All That

For the past 15 years, Kathie Lee Gifford has been more than Regis Philbin's co-host. She's been a damn interesting spectator sport. There was the 1996 sweatshop scandal, of course, and husband Frank Gifford's 1997 tryst with a flight attendant. Also, there were her remarkable skills as a broadcaster; her combustible chemistry with Philbin; their show's unscripted, unpredictable first 20 min.; and the sometimes palpable tension between her and Michael Gelman, executive producer of Live with Regis and Kathie Lee. This week Gifford, 46, leaves it all behind. Who will replace her? It hasn't been decided. The more pressing question is, Why is she leaving? And what will America do from 9 to 9:20 a.m. after she's gone?

TIME Sorry to hear you were laid off.

KATHIE LEE These things happen. Everybody in show business has spent time in the unemployment line.

TIME Where do you go from here?

KATHIE LEE I don't have a specific address. It's more a state of mind that I'm looking for. This past year has been thrilling to me on a creative basis, from Broadway [Putting It Together] to the album I just did [Born for You]. I want to spend more time being that fulfilled creatively. I also did an episode of Touched by an Angel about a woman who's committing suicide. The angel Monica saves her life. Cody [Gifford's 10-year-old son] immediately said, "Oh, rats." He wanted me to jump. I said, "Cody, you're not alone. A lot of people want me to jump."

TIME Will you do a sitcom?

KATHIE LEE I'm talking to networks about sitcoms and dramas. I'm talking to movie producers.

TIME But your current job takes only a few hours a day, and you make, like, $5 million a year.

KATHIE LEE No, it's a lot more than that. Not a lot. It's enough. If it was about money, we wouldn't be having this discussion.

TIME Who should take your place?

KATHIE LEE Maybe only Joy [Philbin] could do it. She not only shares chemistry with Regis, but she has history with him. It's such a fine line between how much to kiss his rear end and how much to kick it. When I kick his rear end, people know I love him.

TIME About the other men in your life--is Frank still in the doghouse?

KATHIE LEE I'm not gonna discuss this. It's old history, and if I'm over it, can't everybody else get over it?

TIME And there's Gelman.

KATHIE LEE I've always prided myself on being able to work with anybody. The times that Gelman and I had tension were when I've wanted somebody on the show and he's not wanted them on. I should have the right to say, "I want Bozo the Clown."

TIME What was your best day professionally these past 15 years?

KATHIE LEE The day Audrey Hepburn came on. She'd been in Africa and was battling cancer, so she was exhausted. She walked on our set, and I thought, I'm looking at the most beautiful human I've ever seen.

TIME What was the worst day?

KATHIE LEE When I'd been accused of labor issues. That was devastating beyond belief.

TIME But since it brought so much attention to the sweatshop issue, wasn't it ultimately a good thing?

KATHIE LEE I'd love to tell that story. That would be nice for a change. Within weeks we had passed [antisweatshop] legislation in Albany.