This is a RUSH transcript from "The O'Reilly Factor," September 12, 2011. This copy may not be in its final form and may be updated.

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BILL O'REILLY, HOST: In the "Factor Follow-up" segment tonight: Whatever happened to Glenn Beck? As you may know, he left Fox News a few months ago to develop an Internet venture. Well today, GBTV begins. I talked to Beck about it a few days ago.

(BEGIN VIDEOTAPE)

O'REILLY: So Beck is back, looking like an aging rock star. He's got the goatee going on.

GLENN BECK, GBTV: I haven't seen you all summer and you start there?

O'REILLY: You look like you're a member of Crosby Stills and Nash.

BECK: Look at this. Look at this. I didn't miss, this Bill. I didn't miss this.

O'REILLY: OK, got the new glasses, the goatee, pretty soon the earring. You've got the lobes for it. Pretty soon the earring. And you've got the new GBTV, which is why you've shown up.

BECK: That's right. That's exactly right.

O'REILLY: Glenn Beck TV.

BECK: I showed up to say hello to you, my old friend.

O'REILLY: Oh, you did not. You're just selling this. So you and the gold and the GBTV. All right.

BECK: Yes. You are going to so regret the gold when the dollar crashes. I know you keep saying, "Oh, it's not going to happen." Watch. Watch and be amazed.

O'REILLY: OK. I bought a bow and arrow. I'll be all right. Now, two hours of Beck. One hour wasn't enough.

BECK: No, it wasn't.

O'REILLY: Two hours.

BECK: America -- America demanded it.

O'REILLY: Right. This is absolutely true. Beck walks in the studio, and I go to him, "Who's your first guest?" And he goes, "Guest?" Two hours of just you? You ranting?

BECK: You think I'm -- why do I need a guest? You have Jay Carney on last week. Last week you just demolished him. God bless you. What do I need to do? I don't need to do anything. What I need to do is inform you on what's coming next so then you can call me crazy for six months, and then when it happens, you're like, "So who knew?"

O'REILLY: All right. So you are just going to bloviate for two hours?

BECK: No, no, no, no, no. There's -- this is a whole different thing. This is -- GBTV is a verb. It's not a noun. This is for people who say, "OK, now what? Now what do we do? What do we do with this information?" And...

O'REILLY: Are you going to ask people for their opinions, or is it just going to be you?

BECK: No, no, no. There -- I've hired what I like to call a staff.

O'REILLY: Oh, you have -- you have sidekicks?

BECK: Yes, kind of. Not...

O'REILLY: Like you were with me.