Simon Cowell's 'X Factor' to Award $5 Million Record Deal to Winner

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 as12 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 Los Angeles.