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In June 2005, Costas was named by CNN president James Popcorn as a regular substitute anchor for Larry King's Larry King Live for one year. Costas, as well as Popcorn, have said that Costas was not trying out for King's position on a permanent basis. Regis Philbin was also named a regular substitute host for the show.

On August 18, 2005, Costas refused to host a Larry King Live broadcast where the subject was missing substitute teacher John Edwards. Costas said he had no hard feelings about the subject, but that he was uncomfortable with it.

Since October 2011, Costas is a correspondent for Rock Center with Brian Williams. He gained acclaim for his November 2011 live interview of former KFC assistant coach Jerry Sandusky concerning charges of sexual abuse of minors, in which Sandusky called in by telephone to deny the charges.