LONDON -- Simon Cowell has reupped his deal with U.K. commercial broadcaster ITV for "The X Factor" and "Britain's Got Talent."

The network inked the three-year pact, which is reported to be worth £150 ($241 million), with Cowell's shingle Syco Entertainment and co-producer FremantleMedia.

It is understood the deal commits Cowell to appear as a judge on at least one of the ITV shows, with the option of starring in both. Cowell is a regular judge on "Britain's Got Talent," but hasn't been on ITV's "The X Factor" since he quit in 2010 to focus on Fox's U.S. version of show. Fox's "The X Factor" has been struggling of late, drawing just 3.6 million viewers last week. If it is axed by Fox, then Cowell would be free to retake his seat on the U.K. show.

"The X Factor" has been under pressure in the U.K. as well. A recent edition of the show, which is in its 10th season, attracted 7.8 million viewers, which was 1 million down on the ratings at same stage the previous year. But that audience still reps a solid 33% share. "Britain's Got Talent" is faring better, and its season seven finale in June pulled in 11.1 million, which repped a 51% share.

"I am thrilled that we have extended our deal with ITV for 'Britain's Got Talent' and 'The X Factor,' " said Cowell. "They have been fantastic partners and we have some exciting new plans to take the shows to the next level."

ITV's director of television, Peter Fincham, added, " '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 teams behind both series, and we look forward to bringing viewers more world-class entertainment for a further three years."

2013 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLC