According to The Hollywood Reporter, both shows were actually renewed months ago, but word of the renewals was kept quiet at the time to allow for continued development of their current seasons.
The news comes at a time when the future of Fox Animation is relatively unclear. Because of the $72 billion acquisition deal between Disney and Fox, the various studios under the latter are being split up and some properties may begin to release in places outside the network. 20th Century Fox Television has control over both series and The Simpsons, all of which will now fall under Disney's control. Family Guy and Bob's Burgers stream on Hulu, which Disney acquired a majority of with the Fox merger. It doesn't look like Disney will be bringing any of the Fox animated series over to exclusive streaming on any digital service now that these renewals have been confirmed.
The renewal of all three series (The Simpsons was previously renewed for two seasons) marks a lucrative prospect for Disney thanks to the merger. All three are a part of Fox's Sunday night, which has featured various animated shows for nearly three decades. The merchandising and streaming revenue from all three generate billions every year.
The deals extend to the series' creators and will keep them with the studio after the ink from the merger dries. Seth MacFarlane, the man behind Family Guy and Fox's live-action Star Trek spoof series The Orville, was set to have his deal with the network expire in June. The renewal of Family Guy keeps MacFarlane with the company, which is sure to upset the other networks who have been courting him with numerous offers as his contract's end-date crept up.
Likewise, Loren Bouchard extended his deal with the network, which will keep his Emmy-winning series Bob's Burgers right where it is. Bouchard is also working with Fox to release a Bob's Burgers feature film set for release in 2020.
News of show renewals has been trickling out of various studios over recent weeks, with The CW announcing the return of all of its superhero series. Thus far, the renewals of The Simpsons, Bob's Burgers and Family Guy are the only ones Fox has made for its upcoming television season.
Season 10 of Bob's Burgers and Season 18 of Family Guy both arrive in the fall on Fox.