L.A. Reid to quit 'The X Factor' to go run his big important company

There was an unexpected elimination that "The X Factor" announced Thursday, and it wasn't one of the wannabe pop stars. Music mogul L.A. Reid has revealed to Access Hollywood that he plans to quit the show after the finals next week after sharing this season's judging duties with Britney Spears and Demi Lovato. The chairman and CEO of Epic Records says he needs to turn his full attention to his job. "I have to go back — I have a company to run that I've kind of neglected," he says. "It saddens me a little bit, but only a little bit." His replacement for Season 3 hasn't been announced yet, but Lindsay Lohan might need the extra cash. [Source]

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