According to the Drudge Report, Premiere Radio Networks and Rush Limbaugh have signed a deal that will keep "America's Anchorman" on the air through the year 2016, and "the package is valued north of $400 million, according to media insiders."
A press release on Limbaugh's own website only acknowledges that Limbaugh will remain on the air "for many years into the future." It does not mention the 2016 date or any dollar amounts.
Drudge notes that an article on Limbaugh coming up in this Sunday's New York Times (but it's already online now) notes Limbaugh claiming the 8-year deal to be worth $38 Million a year, with a 9-figure signing bonus. The Times reporter adds, Premiere would not confirm those claims.
Locally, Limbaugh can be heard in Syracuse (WSYR-570), Utica (WIBX-950), Watertown (WTNY-790) and Ithaca (WHCU-870). All four stations carry the show live from Noon to 3pm... though Limbaugh's affiliate listing still shows WSYR carrying it on a one-hour delay. WSYR changed that roughly two years ago.