The business mogul has acquired Sony Music Entertainement’s stake and is now sole owner of the production company responsible for shows such as Got Talent and The X Factor.
US TV personality and business mogul Simon Cowell has taken full control of Syco Entertainment, the company responsible for producing shows such as Got Talent and The X Factor.
Cowell bought Sony Music Entertainment’s stake in the joint venture, making him the sole owner, an option that was always on the table through the many renewals and negotiations for the company.
Sony Music will keep the company’s music assets, including current artists and back catalog.
“I want to say a heartfelt thank you to Rob 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. 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,” Simon Cowell said.
He 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.”
Rob Stringer, Chairman, Sony Music Group, 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,” he added.