Finally the news we've been waiting to hear about! Paula Abdul will be a judge on 'The X Factor,' joining Cheryl Cole, L.A. Reid and Simon Cowell. Paula was on set for the first judging session. British TV host Steve Jones and Nicole Scherzinger will co-host the show.

Contestants can be solo or in a group and can be as young as 12. The winner will get a $5 million contract.