Simon Cowell buys stake in The X Factor and Britain's Got Talent
Simon Cowell has bought Sony Music Entertainment’s stake in TV programmes including Britain’s Got Talent and The X Factor.
The move also sees the music mogul gain ownership of all the international versions of The X Factor and Got Talent programmes.
The Got Talent format airs in 76 markets, while The X Factor is broadcast in more than 130 territories.
Sony Music’s share of the venture has transferred to Syco Entertainment, a company solely owned by Cowell.
He said the shows have “found so many amazing artists over the years and so many of the various Sony labels all over the world have enabled so many of those artists to fulfil their dreams”.
Cowell added: “We have all shared some incredible achievements, and importantly we have had lots of fun.
“I won’t say this was an easy decision to make, however, sometimes you have to personally support something you are so passionate about.
“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.”
Cowell exercised an option in a contract with Sony Music Entertainment to buy them out of the joint venture.
Rob Stringer, Sony Music Group’s chairman, 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 venture working with him as we have shared so many exciting pop culture moments as friends and partners.”
The X Factor was launched in 2004, while Britain’s Got Talent begun in 2007.