Simon Cowell has made a huge move that looks set to change the shape and form of his shows moving forward.
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In a surprise announcement made moments ago, the media mogul revealed that he has bought out Sony Music‘s stake in Syco Entertainment.
Exercising a buy-out option that’s run parallel to his joint venture with the music giant, Cowell now takes full ownership of the company – which includes ‘The X Factor’ and ‘Got Talent’ television formats.
The deal, which comes at an undisclosed price point, means contestants on said shows will now have broader scope as to which labels they ink partnerships with with.
Other changes and show formats are expected in the near future.
In parting ways, Sony Music Entertainment retains the assets, music, and artists acquired during the 15 year partnership. Cowell proceeds with a blank slate to embark on a new chapter.
Speaking in a statement, Cowell said:
“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.
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, added:
“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.”