Regis's New Payday

10/22/1998 at 12:00 AM EDT

Seek and ye shall receive. Regis Philbin, who's made no secret of his wanting more money for hosting ABC's mega-hit "Who Wants to Be a Millionaire," looks to be getting his wish. The Hollywood Reporter says that Reege, 68, is closing on a deal that will yield him $20 million a year -- and extend his run as co-host of "Live with Regis & Kathie Lee." (That contract was set to expire in 18 months.) When "Millionaire" was launched last August, Philbin, working under a temporary agreement, was reportedly paid a mere $100,000 per show. But that was before the show became the phenomenon that it is. OK, and just how much has the "Millionaire" given away to contestants so far? About $10 million.