The long-running animated series, The Simpsons, is set to carry on with seasons 24 and 25, following a renewed contract agreement with the cast of the show, according to an announcement from Twentieth Century Fox Television.

The producers of the show have said a week ago that the show cannot carry on due to financial difficulties pertaining to the salaries of the actors. Some of the actors also wanted to have shares from the sales of Simpsons merchandise and syndication. Negotiations were done with the actors to arrive at an agreement with the terms of the new contract.

The voice actors were reportedly earning $8 million every year for each season and while the content of the new contract has not been divulged, some insider reports from The Hollywood Reporter say that pay cuts had to be made in order to carry on with the show.

The voice actors who were included in the list of those who have to endure pay cuts were Harry Shearer, Dan Castellaneta, Nancy Cartwright, Yeardley Smith, Julie Kavner and Hank Azaria.

Harry Shearer, one of the voice actors who have the longest running role in the animated series, expressed his disagreement with the opinion of the producers on their current salaries as well as their pledge for profit sharing.

"Given how much joy the show has given to a lot of people in the past years and given how many billions of dollars in profits this show has earned and will earn in the future, I find it difficult to believe that this is the final decision of the producers regarding the matter," Shearer said.

Chris Alexander, a spokesperson for the Twentieth century Fox Television, did not give any comments regarding Shearer's statements on the current issue.

The Simpsons is currently airing its 23rd season and is considered as the longest-running animated comedy series in the United States. The show is being broadcasted in over 100 countries and is translated to 50 different languages.

Due to the highly publicized issues regarding the show, there were only 7.1 million viewers of the show in the United States, a 14% decline from the previous year.