Simon Cowell 'Signs £150M Contract To Keep The X Factor And Britain's Got Talent On Air For Three More Years'

The music mogul could earn an extra £15million...

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Simon Cowell has reportedly signed a £150million deal for his shows The X Factor and Britain’s Got Talent to stay on TV for three more years in the United Kingdom and the music boss will feature on at least one of the programmes in this time.

Apparently Simon’s firm Syco and producer FremantleMedia have come up with an agreement with the ITV network which comes into action in 2014.

It allegedly means Simon could return to the UK panel on The X Factor if the American show is given the chop as ratings have hit a low of 3.6million at one point.

“Everyone wants to keep making The X Factor and BGT so it was just a case of ironing out the terms,” a source told The Sun. “Simon will do one show a year at least.”

If he does both programmes he could make an additional £15million, according to the newspaper.

Simon Cowell has inked a new deal for The X Factor UK (WENN)

Former Take That star Gary Barlow is quitting after the current season and returning panellist Sharon Osbourne only signed up for one year, so the question remains if former contestant Olly Murs will replace one of them and if Cheryl Cole and Dannii Minogue will come back.

The X Factor raked in as much as 18million in 2010 but this year it’s only getting about 10million.

ITV recently bought the rights to a new Israeli talent show Rising Star where the format included a real-time voting system.

It has many of the hallmarks of The X Factor, with judges and knockout rounds, but the fate of the singers is decided by a real-time vote using an app and it is said to go head-to-head with rival BBC’s The Voice from January 2015.

“It is a completely new twist on the singing reality show format,” an insider commented.

Simon Cowell, Laura Whitmore, Little Mix And More Party It Up With One Direction

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Simon Cowell parties with One Direction (WENN)