The lead on Drudge Report right now is Rush Limbaugh's new mega deal that keeps him on the radio until 2016. Rush is also the subject of the New York Times Magazine cover story set for this Sunday's paper.

Drudge writes of the reported $400 million deal, which would pay him an estimated $38 million a year, "Earnings now pace him ahead of the annual salaries for network news anchors: Katie Couric, Brian Williams, Charlie Gibson and Diane Sawyer — combined!"

TVNewser received a tip about this just after midnight from the blog Radio Equalizer. "A key industry source confirms speculation that Limbaugh has signed a stunning mega contract renewal deal with Premiere Radio Networks and parent company Clear Channel Communications," blogger Brian Maloney writes. Maloney also received a statement (after the jump) from Premiere Radio Networks which includes a quote from Limbaugh. "I'm having more fun than a human being should be allowed to have," says Rush.

> More on the NYT piece, from HuffPo: "What you see when you walk into Limbaugh's nondescript studio headquarters: 'An American flag stands in the corner. Only a small, framed picture of Limbaugh, bearing the caption 'America's Anchorman,' reveals that this is the headquarters of one of the country's most admired and reviled figures.'"

LOS ANGELES, July 2, 2008 — Rush Limbaugh, who's heard weekly by nearly 20 million listeners on about 600 radio stations nationwide, renewed his contract with Premiere Radio Networks and Clear Channel Radio, continuing syndication of The Rush Limbaugh Show many years into the future. The deal also includes continued syndication of The Rush Limbaugh Morning Update, a 90-second commentary that airs Monday through Friday. Furthermore, Premiere Radio, in partnership with Mr. Limbaugh, will continue to oversee The Limbaugh Letter, a monthly newsletter with a subscriber base in the hundreds of thousands, and RushLimbaugh.com, one of the most popular broadcast media websites that incorporates Rush247.com, a subscription service.

Mr. Limbaugh stated, "This is exactly where I want to be, doing what I was born to do, with an amazing audience and phenomenal support from affiliate stations and sponsors. I'm having more fun than a human being should be allowed to have. There's a relationship between the audience and the host here that is second to none. We're going to continue to provide Broadcast Excellence and have a lot of fun along the way."