Cowell unveils new entertainment plan

Cowell has struck a deal with record giant Sony that will see the new venture controlling shows such as The X Factor and Britain’s Got Talent, as well as handling stars such as Leona Lewis and Susan Boyle.

And Sir Philip will be an adviser to and shareholder in the as-yet-unnamed new firm Cowell will set up to go into partnership with Sony.

Until now, Cowell’s Syco firm operated within Sony for his music and TV interests, employing a staff of 28.

But the new venture – also to be called Syco – will be a joint enterprise between Cowell and Sony.

It will be co-owned by Sony and “a Simon-Cowell-owned company” and the existing assets, including Boyle, Lewis and the TV franchises, will be transferred.

News of the deal comes just days after Cowell’s former colleague and media mogul Simon Fuller announced details of his new firm XIX.

Syco’s first project will be the launch of The X Factor in the US next year, with Cowell acting as executive producer and judge for the show.

He said yesterday: “I have had a fantastic relationship with Sony for many years and I’m delighted we are launching this venture together.”

Sir Howard Stringer, chairman, CEO and president of Sony Corporation, said: “Simon Cowell is one of the most prominent and successful creative music and television executives in the entertainment business today.

“This new venture will allow Sony Music and all Sony divisions to develop and pursue a host of new opportunities with this supremely talented individual.”