04/24/2012 05:11 pm ET Updated Jun 24, 2012

Bill O'Reilly Signs New Deal With Fox News

It's official: Bill O'Reilly signed a new contract with Fox News.

Deadline reported that Fox News CEO Roger Ailes made the official announcement on Tuesday, describing O'Reilly as "a tremendous force in the business" who "has helped to make Fox News the success story it is today."

News surfaced last week that O'Reilly and fellow Fox News host Sean Hannity were in advanced talks to resign their respective deals with the network. The New York Times reported that the new deals will keep the hosts in their respective seats through the 2016 election, meaning that they both will have hosted their shows for 20 years.

Both O'Reilly and Hannity have been with the network since its inception in 1996. Details surrounding O'Reilly's contract were not released however it was rumored that it was a multi-year, multimillion-dollar deal.

O'Reilly's "The O'Reilly Factor" has been the number one cable news show for 136 consecutive months.