06/11/2012 05:07 pm ET

'The X Factor': Judges Britney Spears, Demi Lovato, L.A. Reid And Louis Walsh Talk Auditions (VIDEO)

Britney Spears is worth every penny of the reported $15 million it took to sign her to Fox's "The X Factor" -- just ask L.A. Reid.

In the latest sneak peek above, "X Factor" Season 2 judges Spears, Reid, Demi Lovato and UK judge Louis Walsh (standing in for Simon Cowell) open up about the Kansas City auditions as well as what it's been like getting to know each other.

"Britney and I are bonding and Louis and Demi are bonding," Reid says. "No, that's not fair! I'm bonding with Britney ... I don't show favoritism," Walsh argues.

All jokes aside, Reid goes on to discuss what they want to get out of the auditions.

"We just want someone to come out and just dazzle us," he says. "It doesn't matter if it's a group, boy, girl ... It doesn't matter. We just want to be dazzled. We love entertainment. As much as we're here to judge, we're here to be entertained. And we want magic."

How do you think Season 2 of "The X Factor" will be? Let us know in the comments.

Click through our slideshow to see stills of Fox's 2012-2013 shows:

New Fox Primetime Series