'The X Factor': L.A. Reid signs on for Season 2

After a tumultuous week that saw the ousting of Paula Abdul, Nicole Scherzinger and Steve Jones from "The X Factor,"  it appears that the show has some good news to report. L.A. Reid will be back.

The Hollywood Reporter says that the head of Epic Records has signed on for Season 2 of the singing competition. This is certainly a relief for the show considering Reid's departure would have thrown the program into serious disarray.

Given Reid's industry credentials, he certainly can deliver the judging heft that Simon Cowell seems to be angling toward. In addition to Reid's work with A-list singers like Rihanna, Avril Lavigne and Usher, Epic signed on "The X Factor" winner Melanie Amaro.

As for who will replace Abdul, Jones and Scherzinger, this remains up in the air. There have been rumblings that Beyonce and Mariah Carey are both being considered as judges. But each artist will certainly come with a hefty price tag that the show might not be interested in paying.