Producer L.A. Reid attends Fox's 'The X Factor' viewing party at Mixology101 & Planet Dailies on December 6, 2012 in Los Angeles, California. (Photo by Imeh Akpanudosen/Getty Images)

Music mogul L.A. Reid will not be returning to be a judge on the hit show The X Factor. Instead, Reid, 56, says he will focus on his role as chairman of Epic Records.

“I have decided that I will not return to The X Factor next year,” Reid 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 says he does not plan on leaving behind everything that has to do with the show. Simon Cowell, another judge of the show, Reid says he considers to be a close friend.

“I love Simon. We have a great relationship, we have fun together, we talk, we laugh, we do bad things, we’re friends. I owe so much to Simon,” Reid said. “I really have a lot [of] respect for him and I always will. I support him, I support the show and I’ll always be in business with him.”

Reid has no regrets about his time on the show and feels as though he can bring knowledge that he learned from the show and apply it to his business.

“I probably have to say its understanding television a little bit better,” said Reid. “I do everything sort of as a strategist, so really, the idea was go and learn television. I know a little bit about it, so now let’s go produce some shows.”

Reid also gave a suggestion about who should take his spot as a judge on the show.

“You know who I would love to see take it, and by the way I have nothing to do with it, but my choice would be like Jon Bon Jovi,” Reid said. “That’s who I would pick.”

Follow Marquise Francis on Twitter @mKfly