Richards, a "Jeopardy!" executive producer, was named the show's permanent host Wednesday, as first reported by The Daily Beast.
Actor Mayim Bialik, of "Big Bang Theory" fame, will host a series of related "Jeopardy!" spin-off prime-time specials.
“We are thrilled to begin the next chapter of America’s Favorite Quiz Show with Mike hosting our daily show and Mayim hosting new versions of 'Jeopardy!,'” Ravi Ahuja, chairman of global television studios and corporate development for Sony Pictures, said in a statement to Variety.
“We took this decision incredibly seriously. A tremendous amount of work and deliberation has gone into it, perhaps more than has ever gone into the selection of hosts for a show — deservedly so because it’s 'Jeopardy!' and we are following the incomparable Alex Trebek," Ahuja said.
A spokesperson for the show didn't immediately return a request for comment.
Trebek, who hosted "Jeopardy!" for nearly 40 years, died in November following a battle with pancreatic cancer.
Richards, 46, faced some backlash after his name was reported as among the front-runners for the coveted hosting gig when allegations of pregnancy discrimination resurfaced that had resulted in two lawsuits. Richards, a former "Price is Right" executive producer, was dismissed from one lawsuit, and a settlement was reached in the other.
Richards reportedly said in a memo to "Jeopardy!" staffers last week that the way his "comments and actions have been characterized" does not "reflect the reality of who I am."
The long-running TV series featured a rotating list of high-profile guest hosts after Trebek's death, including former "Reading Rainbow" host LeVar Burton, ABC News's George StephanopoulosGeorge Robert StephanopoulosAlec Baldwin turns over cell phone in 'Rust' probe How a nice-guy South Dakota senator fell into a Trump storm GOP senator says he would 'take a hard look' at another Trump run MORE, CNN's Sanjay Gupta and "Good Morning America's" Robin Roberts, among others.