L.A. Reid to exit ‘X Factor’ to return to record label

So long, L.A. Reid.

The music mogul announced Thursday that he won’t be back for Season 3 of Fox’s “The X Factor” and will instead devote his full energies to the music label he runs for Sony. The TV singing contest was created by Simon Cowell, who also serves as a judge.

“Of course, I will miss the show,” Reid told the Hollywood Reporter. “In my opinion Simon attracts the best talent but I’m looking forward to getting back to my core business and the responsibility of running Epic Records.”

Reid is the chief executive of Epic. When he joined the singing contest last year, he left his post running Def Jam Music Group.

Reid’s departure will make Cowell the sole remaining judge from Season 1. Cowell dumped fellow judges Paula Abdul and Nicole Scherzinger after expressing dissatisfaction with last year’s creative direction. However, he kept Reid.

This year’s judging panel includes Britney Spears and Demi Lovato. It’s unclear whether they’ll return for Season 3 of the show, which will have its season finale next week.

“X Factor” has posted double-digit declines in the ratings in its second season this fall, but the show still performs relatively strongly for Fox, especially on Wednesdays. The network renewed the show for Season 3 in October.

What do you think of Reid’s exit?

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Twitter: @scottcollinsLAT