L.A. Reid, Demi Lovato, Britney Spears, Simon Cowell,  THE X FACTOR Judges

Ray Mickshaw/ FOX

Hours after The Voice revealed it would be airing live shows during Election Week, Fox announced that it has renewed its competitor The X Factor for a third season. It's reality TV drama at its finest!

"I couldn't be happier about The X Factor already being renewed for another season," Simon Cowell said in a statement. "I am so proud of the show and the team who have made it this season. I want to thank our incredible sponsors for their support and creativity, and Fox for going out of their way to do everything they can to make this show a success. Most importantly, I have to personally thank our amazing fans for the support and enthusiasm they have given to The X Factor. Our main commitment will always be to find great talent, and let's not forget, we are now days away from our first live shows. The gloves are off! Expect fireworks!"

There will definitely be ratings fireworks, as The Voice's live-show special will air mere days after The X Factor's live episodes start. It's a singing-competition live-show battle royale, and only one series can come out on top.

With a revamped judging panel that added pop icon Britney Spears and former Disney star Demi Lovato, The X Factor has been enjoying an average of 10.6 million viewers and a 3.9 rating in the 18-49 demo. The top 16 acts will be revealed during Tuesday's show, with live shows starting Thursday, Nov. 1.

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