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Simon Cowell to Sign New Deal With U.K. TV Network

October 19, 2010 (9:31 am) GMT
Words are, Cowell will personally bank around $30 million from the contract worth of a reported $150 million.

has negotiated a new U.K. TV deal to continue making his hugely popular talent shows "" and "" - for a reported $150 million. The music mogul has signed a new three-year contract with British broadcaster ITV to keep the hit shows on the network until 2013.

The deal comes after months of speculation Cowell will take "The X Factor" off-air in the U.K. in 2011 so he can concentrate on launching the contest Stateside. It is thought Cowell will personally bank around $30 million from the contract, according to Britain's The Sun.

Cowell says, "I'm thrilled to conclude this deal with ITV to enable our relationship to continue to develop. I'm committed to making sure both shows get bigger and better every year."

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