The Grammy Awards announced that they have inked a 10-year deal that will keep the awards on one network through 2021. It’s the same network that has aired the awards since 1973: CBS.

In a statement, Neil Portnow, president and CEO of the Recording Academy, said: "We are so pleased to continue our longstanding partnership with our friends at CBS, which has grown beyond our signature Grammy Awards event. 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. … We look forward to continuing to expand our brand and partnership."

Nina Tassler, president of CBS Entertainment, said of the Grammys: "It is an event that has become an entertainment force in generating audience, social media conversation and music sales."

The 54th Annual Grammy Awards will air live from the Staples Center in L.A. on Sunday, Feb. 12, 2012, at 8 p.m. ET.