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Simon Cowell's X Factor Announces Prize: $5 Million Sony Music Record Deal

6:53 AM PST 2/7/2011 by Lindsay Powers

Auditions to start March 27 in L.A., contestants can be as young as 12, new judges to be announced 'in the coming weeks.'

Fox confirmed details of Simon Cowell's X Factor Monday morning.

  1. Watch Video 'X Factor' Top 12: CeCe Frey

    'X Factor' Top 12: CeCe Frey

    "Demi is always there for us," says CeCe of her mentor. "A shoulder to cry on and just someone there to make sure we are handling this situation, this new life in a really healthy way. She is just kind in that way."

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