The host broadcaster have reached an agreement with Cowell’s production company, Syco, along with the co-production company Fremantle Media, for both series to currently carry on until 2013, although further deals may be struck in the future. The new agreement is said to be valued at a £20m personal income for Cowell, despite the fact that he may have to give up half of his judging job on Britain’s Got Talent (due to escalating  US commitments), with reports suggesting that he will now skip the audition stages of the talent show, and return for the week-long live shows.

Fans of both shows need not worry about any potential clashes between the shows, with Britain’s Got Talent running on ITV1 in the ”late spring” time-frame, and X Factor to carry on with its famed autumn slot. The deal has also been manufactured to allow Cowell the best possible flexibility in launchin X Factor USA next year in addition to his other shows.

Cowell said of the deal: “I am thrilled this deal has been concluded with ITV to enable our relationship to continue to develop. I am committed to making sure both shows get bigger and better every year.”

The deal will also continue to give ITV the exclusive British broadcasting rights both of the US versions of the shows (The X Factor USA and America’s Got Talent) which will also share production companies, with ITV2 the likely destination for UK broadcasts.

Peter Fincham, director of television at ITV, added: “The X Factor and Britain’s Got Talent are the shows that have helped define the last decade of television in the UK and have become more than just a talking point, they are a national obsession. I’m delighted that our viewers can continue to enjoy them on ITV over the next three years.”