Big Ray Payday?

The funny money continues to flow.

Variety is reporting that "Everybody Loves Raymond" star Ray Romano is closing in on a $40 million-plus contract to continue with the CBS comedy for two more seasons.

That works out to about $800 thousand an episode.

Romano's deal with the show's producers, HBO Independent Prods. and David Letterman's Worldwide Pants, comes in the wake of last week's news that "Frasier" star Kelsey Grammer has re-upped with Paramount Network Television for a record $1.6 million per episode while Drew Carey has agreed to stay with his self-titled ABC comedy for nearly $750,000 per episode.

"Raymond" is coming off its strongest season yet, ranking as TV's second most-watched comedy (behind only NBC's "Friends"). The series averages nearly 20 million viewers per week, and regularly wins its 9 p.m. Monday slot in viewers and adults 18-49.

A representative for HBO Independent Prods. declined comment, as did a CBS spokesman.

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