Matt Lauer has inked a new long-term deal to remain on NBC’s “Today” show, the network confirmed last night.

Lauer, who co-hosts “Today” with Ann Curry, was reportedly earning $17 million a year under his old deal, which was set to expire at the end of this year. Financial terms and the length of his new contract were not released.

The move comes as the “Today” show faces a stiff challenge from ABC’s second-place “Good Morning America.”