Simon Cowell is now truly the king of his own empire.
The infamous “American Idol” judge has retained full control of the “X Factor” and “Got Talent” franchises after Sony Music Entertainment unloaded its stake, in a deal made public Wednesday.
Sony had previously purchased shares of Syco Music and Syco Entertainment from Cowell in 2005, which led to them launching a joint venture four years later that allowed Sony Music Entertainment the rights to the reality competition series.
Part of the deal allowed Sony Music to hold onto to the joint venture’s music assets, such as the back catalogues and artists currently signed to the entertainment company.
With Sony now out of the mix, the 60-year-old British TV personality is the sole owner of the privately held multimedia conglomerate to be called Syco Entertainment.
In a statement obtained by the Daily News, Sony Music Group chairman Rob Stringer 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.”
Artists discovered through the “X Factor” and “Got Talent” TV show brands have been signed to various Sony Music Entertainment-owned labels.
Collectively, the acts – including One Direction, Camila Cabello, Little Mix, Leona Lewis, Susan Boyle, Fifth Harmony, Louis Tomlinson, Jackie Evancho, Alexandra Burke, Grace VanderWall and Rebecca Ferguson – reportedly achieved record sales of more than 600 million including more than 100 No. 1 records in the UK and in excess of 250 No. 1 singles and more than 500 Top 10 records globally.
Cowell, who has a net worth of $600 million, said, “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.”
Recognized as the world’s top reality TV format, the “Got Talent” brand currently has 76 local versions produced across the globe and international tape-sales to more than 180 countries. The “X Factor” airs in more than 130 territories.
Financial terms of Cowell’s acquisition of the Sony stakes were not disclosed.
