Billboard magazine reported today that former “American Idol” contestant Katharine McPhee has parted ways with her record label! Katharine follows in the blue suede shoes of Taylor Hicks and Ruben Studdard – both Ruben and Taylor lost their RCA contracts. Katharine McPhee‘s first and only album, Katharine McPhee, sold a mere 366,000 copies. One day it’s McPhee, the next it’s McFlee!

Simon Cowell at a press conference earlier today:

“We always said from day one that ‘American Idol’ is a reality show. And being a reality show, we reflect the reality of the record business, which is it is unpredictable. Certain people you don’t think are going to do as well as expected. Chris Daughtry is a good example, because he only came in fourth.