Simon Cowell has announced Antonio "L.A." Reid, former chairman of Island Def Jam Records, will be a judge on the new U.S. version of "The X Factor."

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Auditions for the talent-search series are to begin March 27 in Los Angeles. Cowell is a producer and judge on the Americanized version of his British show with the same name. Contestants will compete for a $5 million recording contract.

"L.A. was my No. 1 choice to sit alongside me on the show," Cowell said in a statement Fox issued to UsMagazine.com Friday. "In my opinion, he is one of the greatest ever music executives and, of course, a fantastic writer and producer. I am thrilled he has agreed to join the show, and for any artist auditioning, they know they have the chance to meet a true star-maker."

"I am proud to stand next to my dear friend Simon, one of the world's most gifted and charismatic talent magnets," the Grammy Award-winning Reid added. "'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."

Additional judges and the show's host are expected to be announced shortly.