Simon Cowell all set to quit “American Idol”

"American Idol" judge Simon Cowell has confirmed that he will be quitting the top-rated Fox TV show in May to launch his own singing contest next year. 
Cowell, one of the most powerful entrepreneurs in reality TV, confirmed speculations that he will be bringing a U.S. version of his British show "The X Factor" to News Corp-owned Fox in the fall of 2011.
The 50-years-old judge, whose sarcastic comments are arguably one of the biggest factors in "American Idol"s six-year reign as the most-watched TV show in the United States, quoted that he would be both a judge and the executive producer of "The X Factor".
Cowell at a Fox presentation told reporters that he is confident that "American Idol" would continue its reign without him also when his contract ends in May 2010.
Paula Abdul, another “Idol” judge, quit the show last summer in a dispute over the renewal of her contract may join Cowell on "The X Factor".
Cowell said he had been offered "a lot of money" to renew his contract with "American Idol", whose average audience rate has come down from 30.8 million in 2006 to 26.3 million in 2009.
"But I felt like doing something different. I want to leave 'Idol' this year bigger and better than before," he said.
"We did talk about me staying on both shows, but when we looked at the practicalities of that, it was impossible."
"I believe it ('Idol') is not my show, but it's still very close to me...I am confident it will continue to be the No.1 show," he commented.
An official from Fox said that "The X Factor", the top-rated show in  UK with an audience of 500 million in 17 other nations, would be broad casted in the fall of 2011, while "American Idol" will be showcased in its traditional spring time slot.
Where, Fox said it has no replacement yet for Cowell. Media speculation has centered on "America's Got Talent" judge Piers Morgan and singer Sean "Diddy" Combs. 
Cowell further said that "X Factor" differs from "American Idol" as it includes both younger and older singers, groups and duos. The show's judges also act as mentors to the singers, but votes by viewers decide on which contestants will be eliminated.
Last May, in an AOL TV poll 49 percent of fans said that they would no longer watch "Idol" without Cowell.
But, Fox executives have expressed confidence in the show's potential to attract huge number of customers and said that they have planned to continue broadcasting the show for many years to come.
The entertainment president for Fox, Kevin Reilly, said "We are very buoyant about where the show is going to be this season. Every year 'Idol' has increased its lead over the No. 2 show". 
"American Idol" is the show behind Grammy-winning stars like Kelly Clarkson and Carrie Underwood and is shown live or recorded in more than 100 nations.