Simon Cowell buys out Sony Music from their joint venture after 15 years giving mogul FULL control of TV shows The X Factor and Britain’s Got Talent
Simon Cowell has bought out Sony Music Entertainment’s share in their joint business venture after 15 years, giving him full control of his TV talent shows.
The 60-year-old music mogul’s new deal, which was struck for an undisclosed sum, will allow for contestants from such shows as the X Factor and Got Talent franchises to have more freedom in the record labels they subsequently sign deals with.
However, while Simon will retain TV rights, Sony will continue to wholly own rights to the music assets, which have included such global acts as One Direction, Little Mix, Susan Boyle, and Leona Lewis.
Big buy: Simon Cowell has bought out Sony Music Entertainment’s share in their joint business venture after 15 years, giving him full control of his TV talent shows. Pictured in 2013
The Got Talent franchise is produced in 76 territories, while The X Factor airs in more than 130 territories around the globe.
Simon, who will transfer all TV rights to his Syco Entertainment company, said in a statement: ‘I want to say a heartfelt thank you to Rob [Stringer]and all of the Sony Music executives, artists and partners all over the world.
‘It’s been a unique partnership and Sony have always backed and supported me to create television formats.
Deal: His purchase will give him full control of the Got Talent franchise. Pictured on Britain’s Got Talent with co-judges (L-R) Alesha Dixon and Amanda Holden
‘The shows we created 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.
‘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.’
Stating that it was ‘simply the right thing’ for the businessman and TV personality to take control of the TV assets, Rob Stringer, chairman of Sony Music Group, said: ‘We are proud to continue to represent the Syco music catalogue and its artists.’
Across the pond: As well as the X Factor, Simon also appears on America’s Got Talent, alongside (-R) Eric Stonestreet, Howie Mandel, and Sofia Vergara
It is believed that Sony acquired a 50 per cent stake in Simon’s label, touring and TV company Syco Holdings Ltd for for £86.4 million in July 2016.
As a resut of the purchase, Sony is said to have gained an additional 25 per cent investment in Syco Entertainment Ltd.
Meanwhile, Louis Tomlinson has revealed he’s split from Simon’s Syco record label.
The 28-year-old pop star – who first found fame as part of One Direction – announced an amicable split from the label via Twitter and revealed he’s now “really excited for the future”.
Hits: However, while Simon will retain TV rights, Sony will continue to wholly own rights to the music assets, which have included One Direction. Pictured in 2014
Louis – who also starred alongside Simon on the X Factor judging panel in 2018 – wrote on the micro-blogging platform: ‘Hope everyone is doing ok! Just wanted to let you know that Syco Music and I have agreed to part ways.
‘I’m really excited for the future and to be back in the studio writing the next album. Can’t wait to finally see you all on tour!! Stay safe and see you soon, Louis x (sic)”
Louis released his debut album, Walls, in January, but previously admitted he initially found it tough to adjust to life as a solo artist.
He said of working without his One Direction bandmates for the first time: ‘It actually hit me like a ton of bricks.’
Star: The X Factor is also responsible for launching the career of Leona Lewis. Pictured in 2006