After months and months of speculation, it's finally official. Britney Spears has joined 'X Factor' as a judge for $15 million. Also confirmed is Demi Lovato, whose name only recently came into the picture as a possible judge. Prof? Well, the photo, tweeted by Simon Cowell

He wrote the following: "Can't believe it's finally happened. Very exciting!" OMG. We can't either!!!

And here are the deets: According to The Wrap, FOX confirmed that Spears and Lovato would be boarding the show at the upfronts in New York City today (May 14.) Brit will bank a cool $15 million, with $13 million for her role as a judge and an additional $2 million to perform on the show. Spears, 30, had said "Thanks, but no thanks" to an initial $10 million offer and was reportedly asking for $20 million. Looks like she reached a happy medium with the show for her time. Her deal is reportedly for a year.

The terms of Lovato's deal are unknown. The singer, 19, battled her way back after a public meltdown and a stint in a treatment center. Her personal story is similar to that of Spears, so the ladies add a bit of a feel good element to the show, not to mention ridiculous amounts of star power. Brit Brit fans and Lovatics are sure to tune in to follow their beloved divas every word, move, outfit and hairstyle. That's to say nothing of the contestants, who hit the jackpot working with legit names like Spears and Lovato.

Simon Cowell and co. cleaned house at the end of the first season, when the show fell short of its ratings expectations. In order to contend with 'American Idol' and 'The Voice,' Cowell needed big names. And he got 'em.

And Demi's pretty excited: