Simon Cowell's relationship with the channel has been extended through until the end of 2016 after a three-year deal was struck to retain the reality shows.
(Sorry if you're not a fan!)
Simon said: "I am thrilled that we have extended our deal with ITV for Britain's Got Talent and The X Factor. They have been fantastic partners and we have some exciting new plans to take the shows to the next level."
X Factor is currently in the middle of its tenth series, which will choose a winner just before Christmas. It will return to our screens in Autumn 2014.
Judges Gary Barlow, Louis Walsh and Sharon Osbourne have all indicated they will leave at the end of the current series, although there's no word yet on any replacements.
According to reports, the new deal will give Simon the option of being a judge on both X Factor and BGT, although we're predicting a rather long, drawn out (as always!) round of rumours and speculation before anything is announced next year.
Simon is currently a judge on US X Factor alongside Demi Lovato, Paulina Rubio and former UK X Factor judge Kelly Rowland.
BGT, meanwhile, will return for its eighth series in the Spring. The past series was won by dance act Attraction.
The new deal with ITV will also see Xtra Factor and Britain's Got More Talent continue their spinoff shows on ITV2.
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From Steve Brookstein to James Arthur: the X Factor winners in pictures so far:
Copyright: WENN Harsha Gopal