After months of negotiation, it's a done deal: Britney Spears and Demi Lovato have officially joined The X Factor as judges, Fox announced Monday.
The pop stars will join Simon Cowell, 52, and L.A. Reid, 55. Former judges Paula Abdul, 49, and Nicole Scherzinger, 33, were fired in January; host Steve Jones, 35, was let go that same month.
"I couldn't be more excited to join The X Factor judging panel. I'm a huge fan of the show and now I get to be a part of the action," Spears, 30, tells Us Weekly in a statement. "Simon and L.A. better watch out!"
Spears will earn a reported $16 million for her judging gig. "I'm ready to find the next true star," she said at the Fox Upfront Presentation in NYC Monday.
Cowell is "absolutely delighted" the two singers will be joining him for Season 2. "Britney remains one of the biggest stars in the world: she's talented, fascinating -- and I believe she knows exactly how to spot The X Factor," he tells Us in a statement "Demi's had an amazing career in music, TV and film for someone her age. She's young, confident and enthusiastic. I think it's really important that she speaks to our younger audience."
On The X Factor, aspiring singers and groups over the age of 12 will complete to win a $5 million Syco/Sony Music Recording Contract. "The new panel will be dynamic and will work really well with the changes we are making to the show," Cowell said.
Tell Us: Will you watch The X Factor now that Britney Spears and Demi Lovato are on board?