Lea Michele is sticking around Fox. But her character on Scream Queens, as teased here, will be VERY different than her character on Glee.
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The single "Cannonball" will be included on Lea Michele's debut solo album. Listen to a snippet here.
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Glee Quotes

Sex. It's just like hugging. Only wetter.

Holly

I'm gonna miss all of you. I love you guys.

Puck