Image caption The Simpsons is the longest-running comedy series on US TV and is currently in its 23rd series

US TV network Fox has announced that animated show The Simpsons will run for a further two series after a contract dispute with the cast was settled.

The terms of a new deal with voice actors has not been disclosed, but The Hollywood Reporter said they had accepted a 30% pay cut.

Producers warned earlier this week that the show could no longer be produced "under its current financial model".

Actors had demanded a share of merchandising and syndication profits.

The voice artists, who reportedly earn $8m (£5.2m) each per series, were prepared to accept a deep cut in pay in order to gain a small share of the show's wider revenues.

One of the show's cast, Harry Shearer, said he had been told that there were "simply no circumstances under which the network would consider allowing me or any of the actors to share in the show's success".

While he conceded that their salaries were "ridiculous by any normal standard", Shearer added he found it "hard to believe that this is Fox's final word on the subject" of profit-sharing.

The show's makers declined to respond to his comments.

They had previously said that slashing the cast's salaries by 45% would be necessary to allow the long-running animation to continue.

The Simpsons - currently in its 23rd series - is the longest-running comedy series on US television and is broadcast in more than 100 countries and 50 languages.

However ratings for the current series in the US have averaged 7.1 million viewers, down 14% from last year.

Fox are looking into increasing revenue from The Simpsons, including the possibility of launching a cable channel devoted to showing repeats of the show.