Michael Slezak
July 13, 2009 AT 08:22 PM EDT

Ryan Seacrest has signed a deal with 19 Entertainment that will keep him on board as host of American Idol and see him developing other projects with Idol creator Simon Fuller through 2012, his rep confirmed to EW.com today. Some published reports valued the contract at $15 million per year, more than triple Seacrest’s current salary.

“I’m truly appreciative of being part of a show that has had such an

enormous impact on popular culture across all ages,” Seacrest said in a

release. “I look forward to expanding the relationship with Simon Fuller

and Bob Sillerman [Chairman and Chief Executive Officer of CKX, the parent company of 19] who share the same visionary approach to

entertainment media that I strive for with every project.” Check back at this blog item throughout the day for any additional updates or details regarding the pact.

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