After two seasons as judge on The X Factor, L.A. Reid is calling it quits as the music mogul will not return for a third season.

"I have decided that I will not return to The X Factor next year," he 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."

Reid insists that his decision is based around work as he wants to get back to business as the chairman and CEO of Epic Records.

“I have a huge responsibility to a roster of artists and it’s kind of time for me to stop doing the ‘me’ show,” he said. “It was fun! I had a great time.”

There's a battle brewing over Brit Brit!

Britney Spears has one album to go before the end of her recording contract with Jive Records, and various record execs are already anticipating a bidding war for the chart- topping pop star!

Epic Records chairman and fellow X-Factor judge LA Reid is intent on signing the Grammy winner, as is former Jive head Barry Weiss, who helped grow the "Toxic" singer's career and counts Justin Bieber, Kanye West, and Mariah Carey as artists.

Desperate for his label to have a charting artist, LA Reid is reportedly trying to woo the pop princess through their growing friendship on the singing competition. Weiss, meanwhile, is counting on his long history with Spears to prevail.

"I have a 15-year history with Britney and would love to be reunited with her," Weiss told THR.

The 30-year-old has yet to make any decisions, but the ultimate call will be made with the help of co-conservator fiance Jason Trawick, father Jamie Spears, and manager Larry Rudolph.

Who are you going to choose Queen B?!

Last night Lindsay Lohan, Lady Gaga and Lana Del Rey had a "slumber party" at the Chateau Marmont, and a source close to the threesome tells X17online exclusively that they were "watching old movies and playing board games." No partying or trashing their room? My, how they've grown up!

It was Lohan who brought the ladies together because she stays at the hotel so much, and our source tells us, "The three of them had dinner in the garden on Tuesday night at Chateau, and then Lindsay and Gaga ran upstairs to play dress up and came down in different outfits." Apparently that's how they all became friends and decided to hang out, and we're not sure what this means, but Lilo tweeted, "#skinnysnack1‬ @ladygaga hahaha."

Given their love of tattoos, bad boys and fashion, we're sure the girls had plenty to talk about! Think we'll be seeing more of the new BFFs out and about in Hollywood? Here's to hoping!

L.A. Reid was snapped in St. Barth the other day, and it looks like the music producer/X Factor judge had a blast with his family on their private yacht.

While we didn't catch him taking the plunge into the ocean with his wife Erica, we did spot him giving his youngest son some pointers with a fishing rod. He may be worth over $300 million, but he's just a regular dad!