Young comic Matt, 21, is replacing Caroline's former sidekick Olly Murs, who stepped down from the show after two years to concentrate on his music career.
Caroline, 33, said today: "I'm really excited to be hosting Xtra Factor for the third year!
'Excited' Matt Richardson will co-host The Xtra Factor with Caroline Flack.
"Of course I'm going to miss Olly every day, but I am very proud that his music is doing so well all around the world.
"I really feel that Matt will bring something completely different to the show. He's a real find, he makes me laugh and it's great to introduce new talent. I can't wait to get started."
Matt, who has been a regular on the comedy circuit for the past two years, added: "I cannot describe how excited I am to be joining The Xtra Factor.
"Working with Caroline and the rest of the team will be an incredible experience and I will do my best to be as good as I possibly can, because I'm never going to be as gorgeous as Olly Murs."
Richard Holloway, Managing Director of Thames, said: "We are delighted that Caroline is back and that she’ll be joined by Matt. They’ve got great chemistry and as soon as we saw them together we knew they were a winning combination.”
The X Factor and The Xtra Factor will return to ITV and ITV2 respectively this autumn.
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