COWELL GOES SOLO

Simon Cowell will acquire Sony Music Entertainment’s stake in their global joint-venture talent and production company, which owns the formats created by Cowell, Got Talent and The X Factor.

Cowell, who is executing a buyback option in the deal, will have sole ownership of his independent entertainment company Syco Entertainment. As part of this new agreement, Syco Music remains wholly owned and managed by Sony Music Entertainment and all artists remain signed with Sony Music Entertainment.

“I won’t say this was an easy decision to make, however sometimes you have to personally support something you are so passionate about,” Cowell said after thanking Rob Stringer and Sony Music execs. “I’ve always believed it’s important to take on new goals in order to drive new ideas and creativity so I’m very excited to be taking an independent and creatively led Syco Entertainment into the future.”

In 2005, Sony Music Entertainment purchased Cowell’s share of Syco Music and Syco Television. In 2009, Cowell launched a joint venture with Sony Music Entertainment whereby the JV owned the rights to several television formats including Got Talent and X Factor. From these TV shows, during the partnership, artists were exclusively signed to Sony Music Entertainment owned labels.

Sony Music Group Chairman Stringer said: “At this particular contractual crossroads, it was simply the right thing for Simon to take control of his TV assets and propel his company in a new direction. Sony Music has had incredible global success with so many artists that have been launched through Simon’s vision and innovation and we are proud to continue to represent the Syco music catalogue and its artists.

"On a personal note, it has been an amazing adventure working with him as we have shared so many exciting pop culture moments as friends and partners.”