This is a rush transcript from "Hannity," March 23, 2011. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: Taylor, a true Hollywood movie star died today at the age of 79 from congestive heart failure at Cedars-Sinai Medical Center in Los Angeles. Now she had been in the hospital for several weeks.

And my next guest interviewed the legendary actress many, many times. And joining me, the man himself, the former host of "Larry King Live" -- Larry, I mean this sincerely, it is an honor to have you on this program. We all in this business owe you a debt of gratitude. Thank you for being here.

LARRY KING, FMR. HOST, "LARRY KING LIVE": Thank you Sean. And welcome to my home. And every time I say, Sean, I think of my wife who is upstairs watching.

HANNITY: Well, I met your wife on a number of occasions. And I don't want to reveal the secret, but you know there are a lot of conservatives in your family, Larry.

KING: I know. She's one of them.

But, listen, got to put up with everything.


HANNITY: You know -- well, let me -- let me ask you first about Elizabeth Taylor. I know you interviewed her many, many times. And I know you were a close friend. I know that this is a deep personal also for you. And I really, you know, from the bottom of my heart to her and her family and you, you have my sincere condolences.

KING: Thank you. She was very special, Sean. In fact, it's kind of weird, it's pouring rain here in Southern California. It's almost like the skies are weeping because she lived not far from where we're speaking.

She was an extraordinary lady. She was a major film star at age 14 with "National Velvet." She's been in the public consciousness for 65 years. And as you said, she was a true movie star. In fact, she is the last of the great movie stars.

Never been anyone like her from the way she looked with those incredible eyes, to the way her life went with pain and joy. She was -- she wrote her own chapter in a book that's hers.

HANNITY: Yes. You've interviewed all of these great stars, Larry. What made her so special?

KING: She was -- she was special because she didn't have a line cut between brain and mouth. That is, you asked her a question, she answered it. She was not fearful of what public opinion thought of her. She fought the battle for AIDS before Rock Hudson had AIDS.

When people wouldn't -- you know, there were Hollywood stars that wouldn't talk to her, wouldn't go to any of her rallies to try to raise money for AIDS because of fear of being associated with it. She stood up. She stood up for Michael Jackson in his worse days.

It matters not whether you agreed with her or not. It was her ability to be so forceful for so many things and loyalty -- which to me is the number one attribute anyone can have, was her number one thing. If she was your friend, Sean, she was your friend. You can't buy loyalty.

HANNITY: You know what? There are a lot of people that aren't loyal. I totally agree with you, and even if I disagree with them, that's fine.

Let me ask how you are doing? You know, I watched a replay of your last show, Larry. And, you know, as I was watching, I felt a sense of history and almost for you a sense of sadness and lost because all of these years, all of these interviews, all of these key moments -- how hard was that for you?

KING: It was a very hard show to do. It was -- they put together a wonderful show and they had a lot of incredible people on. And as we talked before we went on the air, I think my little son, Cannon, the youngest of my children --

HANNITY: This was great.

KING: -- broke up the evening with his imitation of me, I think one of the funniest moments. But it was a sad night. You know, you do something for 25 and a half years in one place at the same time, it was a deep -- it was a tough show to do. You'll do it one day, Sean. You'll say, you'll stand there, have to do your last show. And if it's a Democratic president, you'll be crying. It will be fun to watch.


HANNITY: I'm crying now, Larry -- I mean, forget about then, I'm crying now.

You know, your son -- I don't know what was funnier, though, Bill Clinton being part of the Zipper Club, but I think your son did steal the night. I thought he was phenomenal.

What are you going to miss the most?

KING: Yes, little Cannon, he's a natural.

Why do I miss the most? I miss the most what's going on now. I miss not being there in the middle of a scene when Japan is undergoing what it is undergoing or discussing Libya or Egypt. You like to be in the hunt.

But, on the other hand, I have more time with my family. I'm one of the coaches of my son's Little League team. I spend more time here. I'm also involved in doing some other things. I'm going to do a comedy tour starting in May. In fact, you are going to see me at Westbury.

HANNITY: I would -- I honestly look forward it to.

You know, let me ask you this, because we work -- let's be honest, we work in a world where there are a lot of people that we may describe as, maybe narcissistic or egotistical, somewhat. In all the years that we competed together in -- and I've never viewed you as anything but somebody that I admired and respected, you are a class act.

KING: Thank you.

HANNITY: There was never a negative word that I can recall, between us. And, you know, I think that's kind of rare today.

KING: Yes, I guess it is. I never believed in that. I always believed, as an interviewer, it was my role to be a conduit to the public. I never wanted anyone to fail. I like -- you know, I like my business.

If I like my business, if I love my broadcasting business, why would I want people not to do well?


KING: I like to see people do well. It's a healthy, wonderful field to be in. And I'm proud of it. And I like people to do well in it.

So, I don't -- I try not to think -- I try not to think negatively. That by the way was one of the wonderful things about Elizabeth Taylor. She was a very positive person. That came through on the screen.

HANNITY: Yes, it did. And you know what? You being a positive person and a positive force on both the political scene and interviewing every big star. You've had a profound impact on the broadcasting industry, Larry. You've have a profound impact on the culture, of society, on political debate.

And, you know, I hope we can more time together maybe in the future. We'd love to see -- I'm looking forward to coming to your show in Westbury. We appreciate you coming on tonight.

KING: Thank you, Sean. Be well.

HANNITY: All right. Appreciate it.

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