Simon Cowell Takes Full Control of ‘Got Talent’ Producer Syco

Simon Cowell has bought out Sony Music Entertainment’s 75% share in their joint venture Syco Holdings, which owns TV formats such as “Got Talent” and “The X Factor.”

Syco Holdings, to be renamed Syco Entertainment, retains ownership of all the company’s television formats.

Sony Music Entertainment will retain the music assets from the joint venture, under the Syco Music banner, and all artists will remain signed with Sony Music Entertainment. Assets include a library of music from artists including One Direction, Camila Cabello, Leona Lewis, Little Mix, Grace VanderWaal and Susan Boyle.

Cowell said: “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.”

The deal is the result of a buyback option maintained by Cowell through their joint-venture renewal agreements across a 15-year partnership.

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 catalog 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.”

“Got Talent” is one of the world’s leading reality TV formats, with 76 local versions produced across the world, and international tape sales to more than 180 countries. “America’s Got Talent” has remained the number one summer series in the U.S. for the past 15 years.

“The X Factor” airs in more than 130 territories, and claims to have more global chart stars than any other show.

Through his TV formats, Cowell has launched myriad music acts, including One Direction, Camila Cabello, Leona Lewis, Little Mix, James Arthur and Susan Boyle.

Sony bought Cowell’s share of Syco Music in 2005, then launched a joint venture with him four years later that covered the television shows he had developed. From these TV shows, artists were exclusively signed to Sony Music Entertainment owned labels, including Syco Music, Columbia Records, Epic Records, Sony Music Latin and RCA Records.

Source: variety.com