The Grammys will remain on CBS for the next 10 years, as the Recording Academy and the network extended their contract through 2021 on Tuesday (June 21). CBS has broadcast the Grammy Awards since 1973.

Next year's 54th annual Grammy Awards will take place on Feb. 12, again at Staples Center in Los Angeles. The contract includes the one-hour "Grammy Nominations Concert Live!! - Countdown To Music's Biggest Night," which will be held this year on Nov. 30.

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A new series of two-hour Grammy-related specials are also part of the deal. Details will be announced at a later date.

The renewal comes at a time when ratings for the telecast have been up significantly. This year's broadcast was one of the season's most-watched specials, attracting 26.7 million viewers, its largest audience since 2000. In key demographics, it had its best ratings  since 2004.

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"We have consistently collaborated to ensure that a dynamic, fresh and diverse live telecast is presented, and we are proud of the collective growth and results we have achieved," Neil Portnow, president/CEO of the Recording Academy, said in a statement.

Leslie Moonves, president and chief executive officer of CBS Corp. said, "The long-term structure of this deal will provide even greater continuity with marketing and sales opportunities for both organizations for an event that continues to grow in size and scope - both culturally and commercially."