‘Party Down South’ — Hey Y’all … We Got HUGE Pay Raises

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Break out the Bud Light and the cheez whiz … the cast of “Party Down South” is celebrating ’cause their network just folded like a cheap suit and they scored HUGE pay raises … TMZ has learned. 

As we’ve reported, the 8 cast members had demanded 1,400% pay raises — from a measly $500 an episode to $7,500 — but CMT refused to budge … until now.

We’re told everyone settled on a 400% increase — to $2,000 an episode.  But CMT sweetened the pot by giving the cast a ratings bonus, and it’s likely they’ll collect on it … the show is the most successful ever on the network.

So CMT announced Friday the show is officially coming back for Season 2.

You know what that means — more backyard pee parties!

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