One Direction have signed a mega deal with Simon Cowell's Syco and Sony which guarantees they will stay together until 2016 and release three more albums.
The 'Best Song Ever' boy band, consisting of Niall Horan, Zayn Malik, Liam Payne, Harry Styles and Louis Tomlinson, are set to pocket 10 million pounds after agreeing to a major new deal with Simon Cowell's Syco and record label Sony for three more albums, reported Contactmusic.
The group, who are set to release their third effort 'Midnight Memories' in November, will follow up the record with two more studio albums and a greatest hits collection. They will also embark on more world tours in addition to their 'Where We Are' world tour next year.
A spokesperson for Syco confirmed the news, saying, "Simon Cowell and One Direction are delighted to confirm they have agreed to continue their hugely successful relationship with a new long-term agreement with Syco. Simon and the band look forward to many years of continued success together.