It's Official: Simon Cowell To Leave American Idol, X Factor Will Launch in 2011 - Video

The agreement was just reached at 10 AM PT this morning!

Simon Cowell said this morning that X Factor will launch in 2011 and because of that this will be his last year on American Idol. He adds that he is confident that American Idol will continue to be the #1 show.

Okay, grabbing Q&A stuff from Richard Rushfield's tweets:

Q: Will the two shows work together and not detract?

Cowell: I wouldn't have put X Factor on if i didnt think they could coexist successfully.

(Rickey: Yes, I believe this.)

Fox's new lineup:

X Factor in the Fall. American Idol in the Spring. So You Think You Can Dance in the Summer.

(Rickey: OMG, I will be gainfully employed all year. Thank you FOX!)

Simon Cowell says: "I want to leave Idol this year bigger and better than it was before."

Q: Research revealed that 60% won't watch Idol without him.

Cowell: I think it was actually higher than that!

Q: Will there be a place for Paula Abdul on X Factor?

Cowell: I adore Paula. Whatever happens I will be working with her in some capacity.

Watch the video here:

http://www.youtube.com/v/D2wAMao08Ws&hl=en_US&fs=1&

Ryan Seacrest chimes in:

@ryanseacrest

- this is simon's last season on idol. He's working on US version of x-factor! He is one of the most brilliant people in our biz! Congrats

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