Meet the new $10 million man.

Fox News will announce later today that Bill O'Reilly has signed on to anchor The O'Reilly Factor for another four years, which will pay him in the neighborhood of $10 to $12 million annually. Howard Kurtz got the scoop and an interview with the "pugnacious pundit." The new TV deal means O'Reilly will most likely give up his radio show. O'Reilly tells Kurtz, "My duties at Fox are expanding. I just can't work 60 hours a week." Kurtz writes:

'The O'Reilly Factor' has been the top-rated program in cable news for nearly eight years, with the host's high-decibel commentary generating both loyal fans and fervent critics. The program has been averaging more than 4 million viewers nightly since last month -- an unheard-of figure in that corner of the cable world.

So, will O'Reilly continue into a second McCain or Obama term?

I'm not going to be Andy Rooney, much as I respect him. There comes a point where what you're doing isn't worth it anymore. I don't need any money.

As for what The Factor will look like in the months and years to come, O'Reilly tells the Daily News' Richard Huff, "We're working on upgrading the show, and taking the show in a different direction. We'll do a whole bunch of new, exciting stuff."