"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 said. "It was a nice break, it was a nice departure from what I've done for the past 20 years, but now I gotta go back to work. ... I have a huge responsibility to a roster of artists and it's kind of time for me to stop doing the 'me' show."
Notable deaths of 2014 [PHOTOS]