King opened the show by saying: "Welcome to the last Larry King Live. It's hard to say that."
Guests on the final edition included Ryan Seacrest and comedian Bill Maher. King had to battle away tears on several occasions, including when Maher remarked that he is now in the same company as American broadcasting legends Walter Cronkite, Steve Allen and Johnny Carson.
Mayer said: "This is not Larry's funeral. Larry is hopefully going to be in our living rooms for years to come. This is the end of a show, not the end of a man."
California governor Arnold Schwarzenegger also appeared via satellite, and revealed a written proclamation that the 16th of December will be declared 'Larry King Day' in California.
President Barack Obama had also recorded a message, describing King as "one of the giants in broadcasting." He added: "You say all that you do is ask questions, but for generations of Americans, the answers to those questions have surprised us and they have informed us."
King began his final monologue by saying: "It's not very often in my life that I've been without words."
He continued: "When I started 25 years ago in a little studio in Washington, D.C., I never thought it would last this long or come to this. I'm going to do specials on CNN and do radio work ... so you're not going to see me go away, but you're not going to see me on this set any more. I don't know what to say, except to you, my audience, thank you. And instead of goodbye, how about so long?"
The set then went to black, with a single spotlight on King's microphone.
British journalist Piers Morgan is set to take over presenting duties from King in January 2011.
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