‘The Simpsons’ has been renewed for two more seasons, it’s 24th and 25th, despite arising concerns last week that the show could face cancellation due to financial difficulties.

Last week 20th Century Fox announced it would not be able to continue production of the animated series unless the shows voice cast accept a considerable pay cut.

Fox announced in a statement: “We believe this brilliant series can and should continue, but we cannot produce future seasons under its current financial model.”

“We are hopeful that we can reach an agreement with the voice cast that allows ‘The Simpsons’ to go on entertaining audiences with original episodes for many years to come.”

The shows central voice actors, including Dan Castellaneta (Homer), Nancy Cartwright (Bart), Julie Kavner (Marge) and Yeardley Smith (Lisa) currently earn upwards of $8 million a season.

Negotiations initially looked inconclusive as Fox refused to allow voice actors a share in the shows eventual profits in exchange for a considerable pay cut.

Thankfully the shows actors have agreed to a reduced wage saving the show from cancellation. However Fox executives have not revealed the exact details of negotiations.

Nancy Cartwright said in a statement “The Simpsons is a remarkable chronicle of our time. I’ve wanted to do this since I was 16! And I want to keep doing it until I’m 86! Long live The Simpsons!”

The much-loved animated series, created by Matt Groening, is about a dysfunctional working-class family. The show premiered in December 1989 and fast became a cultural phenomenon. It is now the longest running US comedy series in history, has won over fifty awards, including 27 Emmy’s, and is broadcast in over 100 countries.

The show returns to Fox at 9/8c on October 30 with a Halloween treat: ‘Treehouse of Horror XXII.’ The shows 500th episode is due to air in February 2012.