Show biz icon Ed McMahon, 85, hospitalized in intensive care after being diagnosed with bone cancer!

Multiple sources confirm McMahon who had been in financial crisis for months has been hospitalized for a month and he is "extremely serious."

"It's not great, to say the least," a source confided to media.

Ed's rep confirmed the hospitalization and added, "He's not at Cedars-Sinai" after being recently diagnosed with systemic bone cancer.

Ed had been suing Cedars-Sinai for malpractice involving a neck injury.

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