There have been several rumors traveling around the rumor mills that American Idol is looking to replace the entire cast. Well, Randy Jackson released a statement to E! News:

Yo! Yo! Yo! To put all of the speculation to the rest, after 12 years of judging on American Idol I have decided it is time to leave after this season. I am very proud of how we forever changed television and the music industry. It's been a life changing opportunity but I am looking forward to focusing on my company Dream Merchant 21 and other business ventures.

One of those other ventures may be his watch line, "Timepieces by Randy Jackson".

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One thing is for certain, money will not be an issue for the famed guitarist who has worked with many a superstar (Carlos Santana, Jerry Garcia & Journey to name but a few). He is also still the producer for America's Best Dance Crew as well.