Mary Hart Will Be Replaced By "Insider" Host Laura Spencer on "Entertainment Tonight"

NEW YORK (CBS) Lara Spencer, host of "The Insider," will be taking over at the "Entertainment Tonight" anchor's desk following the departure of Mary Hart.

On Thursday, Hart, who turns 60 in November and had been with the CBS show for 29 years, announced she would be leaving "Entertainment Tonight" after the coming season.

The Wrap reported that an individual close to the show said that Spencer will be Hart's replacement, a deal that's been in place for several months, and the "ET" anchor's departure has been planned for years.

Hart's reported $5 million dollar annual salary may have also been a reason behind the departure.

According to The Hollywood Reporter, her station pleaded poverty as Hart's salary was cut amid syndication woes. Hart accepted a pay cut - which one informed source says amounted to 50 percent - in May for one final season. She last struck a multi-year contract renewal with "ET" in 2006.

In addition to her gig on "The Insider," 41-year-old Spencer is a regular contributor to CBS' "Early Show" and the "Rachael Ray" show. She reportedly secured the "Entertainment Tonight" position during her most recent round of contract talks.

Both "The Insider" and "Entertainment Tonight" are produced and distributed by CBS. "The Insider" debuted as a spin-off of "Entertainment Tonight" in 2004. Hart first appeared on the show in 1982.