Simon Cowell prepared for ITV pay cut

Simon Cowell has announced that he is willing to take a pay cut when he renews his ITV contract.

The music mogul claimed that he is more concerned about the quality of his TV programmes than his bank balance.

Cowell's current £20 million deal with the broadcaster, which secures him for The X Factor and Britain's Got Talent, expires in December after three years.

"It isn't about how much I can squeeze out of them," Cowell told The Mirror. "All I worry about is: 'Can we make a better show than last year?'"

He added: "I have a brilliant relationship with ITV and they have been very kind to me. I will never forget the fact that without ITV we would not have launched our shows initially. So as far as I am concerned, I still owe them a debt."

ITV announced a string of job cuts last month amid continuing concerns over the current financial climate.