'American Idol' panelist Randy Jackson has confirmed that after judging the well-loved TV talent show for the past 12 years it is finally time to move on.

He issued a statement to E! about his surprise departure and confessed that he now wants to turn his attention to his own business ventures, and especially his company Dream Merchant 21:

"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."

It was also revealed today that fellow 'American Idol' judge Mariah Carey had dropped Jackson as her manager, citing 'hectic' clashing of schedules as the reason.

Watch Jackson talk about the impact 'American Idol' has on the music industry below: