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

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

The big prize will be a $5 million Sony Music record deal.

Contestants as young as 12 can compete.

“I like the idea that a 12-year-old on this show can compete with an older singer and a singing group,” said Cowell in a statement. “I’ve never believed there should be a cut-off age for talent, and we are going to put our money where our mouths are with the $5 million recording contract. I’m doing this show in America because I genuinely believe we can find a superstar.”

New judges will be announced "in the coming weeks," and auditions will begin March 27 in L.A.

Read the full press release after the jump.

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