Simon Cowell threatening to quit American Idol to launch U.S. version of X-Factor

[HMG] – In news that has all the hallmarks of a petulant attempt to hold a network to ransom and thus steal more money, it’s being reported that Simon Cowell may be quitting American Idol at the end of next season.

The 50-year old judge has a contract with Fox worth $75-million a year. This expires in May, and the Daily Mail says he is now mulling the prospect of exiting Idol and launching a US version of his British-based talent show ‘The X-Factor’ instead.

The British show is very similar to ‘Idol,’ and has been a huge rating success in Cowell’s native country. He also produces the show – and thus makes far more money – while on ‘Idol’ he’s merely a Judge. Those familiar with this latest plot say Simon is eager to grab more control of the shows on which he appears, and is [allegedly] willing to leave Idol to ensure this can happen.

As we reported before, he’s already being offered $144-million a year to stay right where he is. So you tell me if this ‘threat’ is real.

‘X-Factor,’ which has featured star guests such as Lady Gaga, Rihanna and Paul McCartney closed its most recent season on Sunday, drawing 19-million viewers for the tense, final vote. To us, that does not sound like much, but it’s almost a third of the UK’s entire audience.

American Idol, meanwhile,  is regarded by some as the show that defined America’s entire TV decade. Industry insiders believe the show could suffer a serious decline, and perhaps even close if Cowell were to leave when his contract expires.

These insiders are clearly close friends of Simon.

An announcement on Mr. Cowell’s latest self-serving threat is expected before the New Year. If he does choose to leave, the imported X-Factor would debut in 2011, on a rival network to Fox…