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It's official: Britney Spears and Demi Lovato are joining the judging panel of "The X Factor."

Fox announced the additions to the reality competition show today. Spears, 30, and Lovato, 19, will join Simon Cowell and L.A. Reid next season. They were reportedly in talks with producers for months; Spears is rumored to have signed a $15 million deal to be on the show.

"I couldn't be more excited to join 'The X Factor' judging panel," Spears said in a statement relased by Fox. "I'm a huge fan of the show and now I get to be a part of the action. Simon and L.A. better watch out!"

"I'm absolutely delighted Britney and Demi are joining us," Cowell said. "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.'  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. The new panel will be dynamic and will work really well with the changes we are making to the show."

Nicole Scherzinger and Paula Abdul previously served as judges on the show.