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The Simpsons will live on!

Fox has renewed the longest-running comedy for two more seasons, Seasons 24 and 25, which will include the show’s 500th episode in February 2012, the network announced Friday.

The renewal comes as a relief to fans. Last Monday, the network reportedly gave the cast an ultimatum: Agree to take a 45 percent pay cut by Friday or the animated series will be canceled. The new deal reportedly won’t reduce their salaries as much as Fox originally demanded, but it will not include any revenue pay.

It was reported that the actors — Dan Castellaneta, Julie Kavner, Nancy Cartwright, Yeardley Smith, Hank Azaria and Harry Shearer — proposed a 30 percent pay cut in exchange for a small percentage of the show’s back-end profits, which includes syndication and merchandising. But that offer was swiftly rejected by the network.

Early Friday, Shearer spoke out against Fox, saying he would take a pay cut as large as 70 percent in order to get a share of the sitcom’s hefty profits. Shearer said 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.”

The show’s producers already agreed to salary reductions, but several of them already have deals that include compensation from back-end profits.

Created by Matt Groening, The Simpsons airs Sundays at 8/7c on Fox. Following the World Series, The Simpsons will return with “Treehouse of Horrors XXII” on Sunday, Oct. 30.