Simon Cowell has agreed a £150m deal to keep 'The X Factor' and 'Britain's Got Talent' on the air.
The 54-year-old mogul's company Syco and production company FremantleMedia have reached an agreement with ITV which will keep both hit shows on screens until the end of 2016.
The new three-year deal guarantees three more series of 'X Factor' and 'Britain's Got Talent' starting in 2014, and Simon has also negotiated a separate 'performer' deal to appear on one of the two shows as a judge for three more years.
However, a clause in his new contract means the TV judge could opt to appear on both shows if he so chooses.
It's thought Simon could earn £15m, separate from the production deal, if he agrees to return to both 'X Factor' and 'Got Talent', and sources indicate it's "very likely" he will re-join the singing show's panel following poor ratings for the US version of 'The X Factor'.
Viewership for the US show plummeted to 3.6 million viewers last week, leading to speculation the costly programme may be axed at the end of its ongoing third series.
A source close to Simon told The Sun newspaper: "Everyone wants to keep making 'The X Factor' and 'BGT' so it was just a case of ironing out the terms. Simon will do one show a year at least."