X-Factor: L.A. Reid To Judge, Enrique Iglesias To Host?

Island Def Jam chairman L.A. Reid will be one of four judges on the reality competition series, The X-Factor, according to THR.

Reid will be released early from his Universal Music contract so that he can participate in Simon Cowell‘s show. The winner will receive a Sony Music recording contract worth $5 million – Reid will reportedly take on a position at Sony Music as well.

Enrique Iglesias reportedly was approached to host The X-Factor, which kicks off auditions March 27 in Los Angeles!

UPDATE: L.A. released a statement, saying, “I am proud to stand next to my dear friend Simon Cowell, one of the world’s most gifted and charismatic talent magnets. The X Factor provides an extraordinary opportunity for aspiring artists of every age and genre to showcase their unique talents. I truly look forward to discovering our next generation of superstars.”