The X Factor and Britain's Got Talent renewed to 2016

The X Factor and Britain's Got Talent have both been renewed for another three years.

Simon Cowell has agreed a new deal with bosses at ITV, which means both programmes will remain on television until 2016.

"I am thrilled that we have extended our deal with ITV for Britain's Got Talent and The X Factor," he said.

"They have been fantastic partners and we have some exciting new plans to take the shows to the next level."

There has been no word on whether Cowell will return to The X Factor judging panel.

Both Gary Barlow and Louis Walsh have confirmed this will be their last series working on the show.

Cowell quit the UK panel in order to establish the series in the US, but audiences numbers there have not been as high as he hoped.

Viewing figures for the current series have fallen and it has been beaten by BBC rival entertainment show Strictly Come Dancing, where once it was way ahead.

The agreement between Syco Entertainment, FremantleMedia UK is thought to be worth many millions of pounds.

Simon Cowell still features on the Britain's Got Talent judging panel

Director of television at ITV, Peter Fincham, said: "Britain's Got Talent and The X Factor are two of the most popular and most talked-about shows on TV.

"They set the gold standard for entertainment production. We're pleased to announce this deal which will see them continue to be an important part of ITV's schedule."

Britain's Got Talent will return next year for an eighth series.

ITV2 will also continue to broadcast the spin-off shows The Xtra Factor and Britain's Got More Talent.

Follow @BBCNewsbeat on Twitter