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SIMON Cowell is axing The X Factor after 17 years.

The ITV juggernaut excited us with a string of talented newcomers — many now established stars of pop and TV.

X Factor was first aired in 2004 with judges Simon Cowell, Sharon Osborne and Louis WalshCredit: ITV

X Factor was last aired in 2018 with Robbie Williams, Ayda Field, Simon Cowell and Louis Tomlinson on the judging panelCredit: PA:Press Association

It last aired in 2018 and is now being shelved by Simon Cowell for at least five years.

But sources close to the 61-year-old music mogul believe The X Factor is “unlikely” to return to UK screens.

A representative for ITV confirmed: "There are no current plans for the next series of The X Factor at this stage."

Simon will now focus on a new big-money gameshow called Walk The Line.

A show insider said of X Factor: “Globally, it is still a phenomenon and rakes in millions every year. But in the UK, there is no question it has become slightly stale.

“Simon remains at the top of his game and knows how to make a hit. He owns the rights to the show, and it’s his call — not ITV’s — whether or not he drops it.

“Clearly the last thing he wants is for X Factor to fizzle out with a whimper and become a bit of a joke — especially in contrast to the show in its pomp.

“It is still on the back-burner and there’s the option to return it in 2023, with auditions next summer, but a lot will ride on his new format Walk The Line.”

'SLIGHTLY STALE'

Simon’s new gameshow is a six-part series expected to fill a prime-time Saturday night slot.

Described as a “high octane, nail-biting” format, it will see contestants perform in front of Cowell and a celebrity judging panel.

The top two performers of the night can either cash out with a “life-changing” sum of money — or stay in the competition, and risk losing the money should they be eliminated at the next stage. The insider said of the show: “There are high hopes for it — and it will air this winter.”

An ITV source added: “There is a lot of money at stake and the concept is fantastic — it’s a bit like a musical version of Who Wants To Be A Millionaire?

“But it’s a gameshow not a talent show, and it’s important to stress it’s not being eyed as a direct replacement for The X Factor.”

Leona Lewis won the third series and her single Bleeding Love was global hitCredit: Rex Features

Despite coming third in 2010, Harry Styles, Louis Tomlinson, Niall Horan, Zayn Malik and Liam Payne have sold 70million records worldwideCredit: Ken McKay

Alexandra Burke duetted with Beyoncé in the 2008 final, which she wonCredit: ITV

The source added: “The X Factor is one of a kind and, even in its final year, was getting pretty great numbers compared to other shows.

“But everyone is hopeful the public get on board with Walk The Line and it becomes an ITV staple. Obviously the door is not shut entirely on The X Factor, but everyone is very much concentrating on finalising new and exciting formats, rather than looking back at the past.

“The feeling is that whilst it will continue to air internationally it won’t be returning over here.”

At its peak The X Factor was regularly drawing in 12million viewers on Saturday nights.

The music contest was first broadcast in 2004 and won by Steve Brookstein, now 52.

It made household names of JLS, Leona Lewis, Alexandra Burke, James Arthur, Olly Murs and Stacey Solomon among many others.

DWINDLING FIGURES

It delighted us with quirky acts that gained cult status, such as identical quiff-haired twins Jedward — and Chico with his “It’s Chico Time” catchphrase.

And the ear-piercingly bad auditions of some tone-deaf wannabes had us roaring with laughter.

News of Simon’s decision comes in the wake of dwindling viewing figures.

Dalton Harris, 24, was crowned the winner of the last show in December 2018.

An average of 5.3million watched him win — a far cry from the 17.2million viewers who saw Matt Cardle triumph in 2010.