Simon Cowell has bought out Sony Music Entertainment from a 15-year partnership, taking control of television shows such as Got Talent and The X Factor that have launched dozens of music artists around the world.
Mr Cowell paid an unspecified price to Sony to take full ownership of a global joint venture that owns the television formats, giving those appearing on the shows more flexibility to sign record deals with other labels.
As part of the deal Sony will retain the music assets in the joint venture, which it wholly owned. This includes a library of music from artists including One Direction, Leona Lewis and Little Mix.
While the heyday of the shows has long passed in some of its most important markets, artists discovered during the contests went on to sell more than 500 top 10 records globally. The Got Talent format is still produced in 76 markets and The X Factor airs in more than 130 territories.
Mr Cowell paid tribute to Sony for backing his television ventures and helping so many artists to commercial success. “I won’t say this was an easy decision to make, however sometimes you have to personally support something you are so passionate about,” he said.
After exercising an option to buy, Mr Cowell will transfer the television rights to a company to be called Syco Entertainment.
Rob Stringer, chairman of Sony Music Group, said that “at this particular contractual crossroads” it was “simply the right thing” for Mr Cowell to take control of the television assets. “We are proud to continue to represent the Syco music catalogue and its artists,” he said.
Sony first bought Mr Cowell’s share of Syco Music in 2005, then launched a joint venture with him four years later that covered the hit television shows he had developed. Artists from the shows were exclusively signed to Sony labels such as Syco Music, Epic Records and Columbia.
The Link LonkJuly 15, 2020 at 10:01PM
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Simon Cowell buys out Sony Music from joint venture - Financial Times
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