Lipton died of bladder cancer at his New York home, his wife, Kedakai Lipton, told The Associated Press. He was 93.
The Detroit-born Lipton began the Bravo show in 1994 that also served as a class for his students at the Actors Studio Drama School, where he was then dean.
He often said his only requirement for a guest was whether they had something to teach his students. His first guest, Paul Newman, set a standard of stardom for those that would follow, including Meryl Streep, Robert De Niro, Glenn Close, Steven Spielberg and Barbra Streisand.