L.A. Reid Leaving "The X-Factor" to Focus on Record Company

East Hampton resident L.A. Reid announced last week that he won’t be returning for a third season of Fox‘s hit TV singing competition The X Factor in order to focus on his responsibilities as chairman and CEO of Epic Records. Reid told Access Hollywood, “I have to go back and I have a company to run that I’ve kind of neglected, and it saddens me a little bit, but only a little bit.”