Smith, a former newspaper beat reporter who rose to fame by pioneering the art of the sports debate show, has agreed with ESPN on a new five-year, $100 million contract, a person familiar with the matter confirmed to CNBC. The deal was first reported by The Athletic .

Stephen A. Smith officially agreed to a five-year contract extension worth over $100 million with ESPN on Thursday. The deal bumps the 57-year-old's annual salary from $12 million to $20 million, and keeps him as the face of First Take while freeing up the rest of his schedule to " talk even more about politics ."

Smith will continue to star on ESPN’s morning show “First Take,” while continuing to host his YouTube show and flirt with politics.

Stephen A. Smith is sticking with ESPN — and getting a hefty payday to boot. Smith and the network agreed to a new five-year, $100 million contract to keep him in the fold, The Athletic reported Thursday afternoon. It’s been a long process between Smith and ESPN to get a new deal.

Not yet ready to launch a political campaign in earnest, Stephen A. Smith will stick with ESPN for the next five years. The Athletic reports Smith and ESPN have agreed on a new contract “worth at least $100 million.

ESPN's Stephen A. Smith has revealed he now no longer has to seek the network's permission to discuss certain topics outside of sports after signing a new deal with the broadcaster