The X Factor has been canceled after three seasons of disappointing ratings.

In the press release announcing The X Factor's cancellation, Fox, Simon Cowell and The X Factor's production companies attempted to spin the news as Cowell's decision to return to the U.K.'s The X Factor edition as the reason why the U.S. version of the show cannot continue.

"I've had a fantastic time over the last 12 years, both on The X Factor and American Idol. And apart from being lucky enough to find some amazing talent on the shows, I have always had an incredible welcome from the American public (most of the time!)," Cowell said in a statement.

Cowell told reporters in December 2013 he thought The X Factor's chances of coming back to Fox were "good" although changes would need to be made in order to better the reality singing competition.

"Last year, for a number of reasons, I had to make a decision to return to the U.K. version of The X Factor in 2014. So for now, I'm back to the U.K. and I want to thank Fox for being an incredible partner and I also want to thank everybody who has supported my shows. America, I'll see you soon!"

Fox Chairman of Entertainment Kevin Reilly also released a statement on Cowell's departure and pulling the plug on The X Factor.

"To all of us at Fox, Simon is more than one of the most prolific TV personalities of our time -- he's part of our family. A consummate showman and partner, there's no one more passionate or creative than Simon, and we feel so fortunate to have enjoyed such a wonderful, collaborative relationship with him over the past 12 years," said Reilly, who admitted in January The X Factor had "underperformed" in its third season.

"Unfortunately, there is no The X Factor USA without Simon Cowell, but we understand and support his decision to focus on the international formats and on the next phase of his personal life. We wish him the very best, and it's our sincere hope that we work together again soon."

The "next phase" of Cowell's "personal life" will include the birth of his baby boy with girlfriend Lauren Silverman. Cowell also hinted last year he may propose to and marry the 36-year-old New York socialite.

The X Factor's third season concluded on December 19 with singing duo Alex & Sierra being crowned champions. The finale drew only 6.2 million viewers, a sharp decline the 12.6 million the show's first-season finale drew.