Regis Philbin on "Late Late Show" guest host gig, advice for Letterman

Following Craig Ferguson's departure as host of "The Late Late Show" on December 19th, Regis Philbin will be guest hosting the CBS talk show Monday and Tuesday night.

The first night will feature Alan Alda, Annie Lennox, Susan Sarandon and Martin Short and Tuesday's guests will include David Letterman.

"I'm looking forward to it. I think it's going to be a lot of fun," Philbin said.

Philbin's late-night career began in San Diego, California in 1961 on "The Regis Philbin Show."

"I would do the news Monday through Friday, 6:00 and 11:00, but I wanted to do a talk show because I had seen Jack Paar do his. And that's how it all started," Philbin said. "Then Walter Winchell came on the show, and I was very lucky. And Winchell wrote in his column about me. It got into Hollywood and they called me and before I knew it, I was up there."

With a career spanning over 55 years, it's no surprise he is considered a TV legend. He has appeared on David Letterman's "The Late Show" 57 times.

Letterman, a late-night legend in his own right, will be stepping down from the show after more than two decades.

"I'm worried about him. Tomorrow night I'm going to tell him how he's going to handle this," Philbin said. "And then I've got to tell him what he should do next, see. And he's got to listen to me."

Philbin said viewers will have to tune in to find out what that advice is.

He also commented on the new "Late Show" host, Stephen Colbert, who will take over in September.

"It looks like it's going to be good, but that it's going to be changed to something else," Philbin said.

For more of Philbin's entertaining conversation with the "CBS This Morning" co-hosts, watch the video above.