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Reid to Step Down as 'X Factor' Judge

Epic Records chairman L.A. Reid will not be returning for season three of "The X Factor," according to The Hollywood Reporter. The reality-TV judge is quitting the Fox talent show to focus more on developing new and signed musicians.

"I have the utmost respect for [show creator] Simon Cowell. He is the very best, and I have had the opportunity to learn so much from working with him," Reid said. "Working with him on 'X Factor' has been a once-in-a-lifetime experience. I'm honored to have sat on a panel with such incredible talent."

RELATED: Demi Lovato Promises Britney Spears Will Be 'Funny,' 'Witty' on 'X Factor'

The music executive has served as an "X Factor" judge since the show's inception, and is just one week away from mentoring season-two contestant Tate Stevens in the finale. At the start of the season, Reid made it clear that he wasn't happy being given the "0ver-25s" group to look after.

Reid, 56, says he will miss the show but is looking forward to "getting back to my core business and the responsibility of running Epic Records."

It is unclear whether Demi Lovato and Britney Spears will be returning for season three of "The X Factor," which will air in 2013.

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