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L.A. Reid to Step Down as "X Factor" Judge

Nino Munoz / FOX(LOS ANGELES) -- Epic Records chairman L.A. Reid will not be returning for season three of The X Factor, says The Hollywood Reporter.

The reality TV judge is quitting the Fox talent show to focus more on developing new and signed musicians.

Reid says, “I have the utmost respect for Simon Cowell. He is the very best, and I have had the opportunity to learn so much from working with him."

"Working with him on X Factor has been a once-in-a-lifetime experience," he continued. "I’m honored to have sat on a panel with such incredible talent.”

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 Over 25’s group to look after.

Reid says that 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 if Demi Lovato and Britney Spears will be returning for season three of The X Factor, which will air in 2013.

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