'The Simpsons' reportedly getting the axe! Fox says it can't afford to produce hit show without huge pay cuts for cast

The future of animated TV comedy 'The Simpsons' was up in the air on Tuesday after 20th Century Fox Television said it could no longer afford to produce the show without a huge pay cut for its cast.

Fox Television, a unit of News Corp, issued a tough statement after a report that it had threatened to end the subversive series unless the voice actors take a 45 per cent pay cut. 'We believe this brilliant series can and should continue, but we cannot produce future seasons under its current financial model,' Fox said.

'We are hopeful that we can reach an agreement with the voice cast that allows "The Simpsons" to go on entertaining audiences with original episodes for many years to come,' the statement added. 'The Simpsons' is the longest-running comedy series on U.S. television and is currently in its 23rd season on Fox. The show also generates billions of dollars through global syndication, as well as DVD and merchandise sales.

Stars of the show: Actors Nancy Cartwright, Yeardley Smith, Dan Castellaneta and Julie Kavner earn a reported $8million per season - each

The Fox statement followed a report on news website The Daily Beast that the principal voice cast members - including the voices for Homer (Dan Castellaneta), Marge (Julie Kavner), Bart (Nancy Cartwright) and Lisa (Yeardley Smith) - were having difficulty renegotiating contracts that currently see them earning around $8million each per season. The Daily Beast, quoting an unnamed insider, said the cast had tried unsuccessfully to negotiate a 30 per cent pay cut in return for a portion of the show's profits.