Ozzy, famed for his battles with drink and drugs and use of expletives, and his wife Sharon, who is currently sitting on the judging panel of Simon Cowell's 'X Factor', will judge the eight bands.
The winning band will get the chance to perform at Ozzfest's 10th anniversary next year, as well as receiving touring cash, equipment and a potential record deal.
The show kicks off in the US this month with plans to bring it to the UK from next year.
MTV fly-on-the wall show 'The Osbournes' featuring Ozzy, Sharon and their dysfunctional kids Kelly and Jack has been a massive hit for the satellite channel and is now in its third season.
The show has spawned hundreds of spin-offs including Paris Hilton and Nicole Ritchie in 'The Simple Life', Jessica Simpson and Nick Lachey in 'Newlyweds', "gold-digger" glamour girl Anna Nicole in 'The Anna Nicole Show' and, most recently, UK boy band Busted in 'America or Busted'.
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