After helping artists like Mariah Carey and Justin Bieber launch their careers, record executive L.A. Reid is ditching the music industry. The Def Jam Music Group chairman and CEO is currently negotiating to join FOX's 'X Factor,' a show similar to 'American Idol' and also produced by Simon Cowell.

The 54-year-old, who will sit on the judging panel alongside Cowell and a yet-to-be-decided third star, previously stated that he thinks Carey would complete the trifecta. The U.S. version of 'X Factor' is an extension of the U.K.'s hit reality show competition, which began in 2004, and has produced overseas stars including Leona Lewis, Alexandra Burke, JLS and Shayne Ward. Past judges have included Cowell, Sharon Osbourne, Danii Minogue and Cheryl Cole.

Reid's move to reality television comes after a lengthy career in the music business. With Kenneth "Babyface" Edmonds, he founded LaFace Records in 1989, developing young artists including Usher, TLC, Toni Braxton and OutKast. After selling LaFace to BMG in 2000, he became president of Arista Records, fostering the careers of P!nk, Avril Lavigne and Ciara, later ditching the imprint to join Island Def Jam Music Group in 2004.

Watch an Interview With L.A. Reid