It's official! Fox on Monday announced what we've all known for weeks: Britney Spears will be a judge on season two of The X Factor. The network made a big to-do about it, trotting out (like so much overpaid cattle) Brit, 30, and a second hire, multitalented youngster Demi Lovato, 19.

They will join show czar Simon Cowell and L.A. Reid this fall at the judges' table. The gals uttered words such as excited and thrilled. (Brit better be happy: She reportedly will pocket $15 mil just for one season!)

Cowell was all smiles, "Britney remains one of the biggest stars in the world," he said. "Demi's had an amazing career in music, TV, and film for someone her age." Added Simon, "the new panel will be dynamic."