LONDON (CelebrityAccess MediaWire) — Sony's music division says that it has signed off on a five-year deal with former American Idol judge Simon Cowell over Simco Ltd (Syco) which Cowell established in 2002 with a Sony bankroll.
According to the Wall Street Journal, the new deal will see Sony owning 100% of Syco's television and music assets, including "The X Factor" and the collection of "Got Talent" franchises. The deal also includes recording artists Leona Lewis and Susan Boyle.
Last year, Cowell told the Times that although Syco 20 staffers, that it accounted for 70% of Sony 70% of profit at Sony Music UK. Financial terms of the new agreement were not made public but some entertainment blogs have said that the deal might have been worth as much as $500 million for Cowell.
Cowell, one of the more outspoken judges on the Fox talent vehicle "American Idol" recently said that this will be his last season on the show. Syco's "X Factor", popular in Britain, is set to make a U.S. debut on Fox next year. – CelebrityAccess Staff Writers