Larry King is calling it quits after 25 years on the air. The 77-year-old host is leaving 'Larry King Live' because CNN offered a contract extension of just one year. King has interviewed many headline-makers throughout his years, and himself has made headlines due to his many marriages and divorces. King's departure has CNN struggles in the ratings. Piers Morgan has been tapped as King's replacement and takes over in January. King, meanwhile, is contemplating a new career in stand-up comedy.