Twentieth Century Fox Television has made it clear that "The Simpsons" will continue only if the cast of the animated series takes a pay cut.

"The animated comedy series will and should continue, but not under its current financial model," according to the statement of the television network.

A week ago, the cast members, who have reportedly been earning an average of $8 million per season, have been trying to negotiate with the producers to have just 30 percent reduction in their salaries and profits from syndication and merchandise while the network demands a 45 percent cut. After a lengthy discussion, both parties have reached an agreement, but the details have not been revealed yet to the public.

The accord guarantees two more seasons of the show.

The cast members, including Dan Castellaneta, Julie Kavner, Nancy Cartwright and Yeardley Smith, have tangled with the producers over their salaries in the past. In 1998, some members of the cast have requested an increase in their salaries from $30,000 to $125,000 per episode.

In 2004, production was stopped for almost a month due to another salary dispute wherein the voice actors demanded $360,000 for every episode of "The Simpsons." In 2008, there was also another delay in the production of the show, this time for several months, due to more thorough discussions on bumping the voice actors' salaries to $400,000 for every episode.

"The company and the producers are still trying to find ways on how to move forward in terms of increasing the revenue of The Simpsons such as setting up a cable channel in the United States showing reruns of the show," says Chase Carey, the chief operating officer of News Corp, the managing company of Fox.

Despite the history of pay disputes, "The Simpsons" continues to be one of the highly regarded animated comedy series in the American television history. It is broadcast in more than 100 countries in 50 languages.