Simon Cowell confirms his exit from AI


Simon Cowell will leave American Idol after the current season, he announced during the Television Critics Association press tour in Pasadena on Monday.

Starting in the fall of 2011, Simon will appear on a stateside version of The X Factor, a hit talent competition he created in Britain.

While the TV and music executive makes around $36 million a year to be on AI, he owns The X Factor and could make much more if the program takes off.

The UK version was responsible for the launch of Shayne Ward, Leona Lewis, Alexandra Burke and JLS.