The top 64-ranked players voted 35-29 in favour of Hearn's plan, which includes a variety of new tournaments for the coming season such as a quick-fire Shoot-Out event, a ranking event in Germany, a World Seniors Championship and a Player Tour Championship series.
"I'm delighted by the outcome," said Hearn. "I do not under-estimate the challenges that lie ahead, but for the moment snooker is united and the future looks rosy.
"I owe the game a lot and I will make sure that I will be giving 100 per cent every day to bring it to the level at which it should be operating."
Hearn beat off a rival bid from former Olympian and City investor John Davison. Davison had proposed a 15-year deal which would see players given a £15.6 million prize pot in the first three years, compared with the £13 million promised by Hearn.
