Is Simon Cowell leaving American Idol? Is he bringing his UK hit "The X Factor" to America? In signature dramatic fashion, Cowell made it official in front of the nation's press at the Fox portion of the Television Critics Association winter press tour. Peter Rice, Chairman of Entertainment for Fox Broadcasting had Cowell sign his "X Factor" contract, which will preclude him from "Idol", live in front of the press.

"'X Factor' starts right here," Cowell said after counting down 5, 4, 3, 2, 1 to his signing.

Explaining his decision after all the speculation, Cowell told the press, "We reached an agreement formally at about half past 11 this morning," Cowell said. "That is the absolute truth. Where we have come to and agreed is that 'X Factor' will launch in America in 2011 with me judging the show and exec producing the show. Because of that, this will be my last season on 'American Idol.' So thank you for your patience but that is what's happening."

The prospect of doing it all was tempting, but ultimately Cowell realized he's already spread too thin. "We did talk about me staying on both shows but then when we looked at the practicalities of that, it just was impossible. I've made a commitment to stay on the show in the UK and I didn't think it was right for me to also do two shows in America. I can barely get away with doing a season a year of 'American Idol.'"

Story/Interview by Fred Topel

Starpulse contributing writer

(Starpulse in Hollywood): Every week, Hollywood's biggest stars are meeting in the hot spots and Starpulse is there.