No, it's definitely true. I think he's getting 30 million for doing the movie as well. Pretty impressive actually considering he hasn't had a movie that has grossed his salary in 5 years.
Actually I love Arnold movies, I just wish he didn't try and be semi-politically correct all the time. Where are the days of commando where he throws a sawblade, decapitating the enemies? What he needs to play is a good old fashioned badguy, with no redeeming qualities. (Unlike Batman, Bleah, bleah! )