CLEAR CHANNEL COMM : Clear Channel in $400 million deal with Limbaugh: report

July 3 (Reuters) - Conservative talk radio host Rush Limbaugh signed an eight-year contract extension worth as much as $400 million with Clear Channel Communications Inc , The New York Times said on its website on Wednesday citing an interview with Limbaugh.

Clear Channel said on Wednesday that Limbaugh renewed his contract with units Premiere Radio Networks and Clear Channel Radio, but did not disclose financial details.

Limbaugh's paycheck of $50 million a year represents a raise of about $14.4 million a year over his current contract, which was paying him $285 million over eight years and was set to expire in 2009, the newspaper's website said.

Separately, Clear Channel's Premiere is in advanced talks with another conservative talk radio host Sean Hannity to try to sign him for an eight-year contract worth about $200 million, The Wall Street Journal said, citing a person familiar with the situation.

Clear Channel was not immediately available to comment. Limbaugh and Hannity could not be immediately reached for comment.

(Reporting by Pratish Narayanan in Bangalore; Editing by Erica Billingham)