LONDON (CelebrityAccess) — Simon Cowell, one of the creators behind televised talent shows such as X Factor, Britain’s Got Talent, announced he’s buying out Sony Music’s stake in their joint venture, Syco Entertainment.
The deal will give Cowell full control over his television talent shows for the first time in 15 years.
Cowell developed X Factor in 2004 and partnered with Sony Music Entertainment, selling shares of Syco Music and Syco Television to the label.
In 2009, Cowell and Sony launched a joint venture that provided Sony’s family of labels with exclusive signing rights to artists featured on the Syco TV shows.
Following the buyout, Cowell will transfer all television rights to his Syco Entertainment brand.
Sony will continue to have a stake in the music artists produced from the shows.
Artists discovered by The X Factor – including One Direction, Little Mix, Olly Murs and Leona Lewis – have sold more than 500 million records worldwide.
“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,” said Sony Music Chairman Rob Stringer in a press statement.
“I want to say a heartfelt thank you to Rob and all of the Sony Music executives, artists and partners all over the world. Sony always backed and supported me in the creation of new franchises,” Cowell added.