Simon Cowell will acquire Sony Music Entertainment’s stake for his joint venture talent and production company, Syco. The television judge, entrepreneur, and record executive will now have sole ownership of "Got Talent" and "The X Factor." “I want to say a heartfelt thank you to Rob and all of the Sony Music executives, artists, and partners all over the world,” Cowell said. “It’s been a unique phasership and Sony has always backed and supported me to create television formats. The shows we created have found so many amazing artists over the years and so many of the various Sony labels all over the world have enabled so many of those artists to fulfill their dreams.”
As part of the agreement, Sony Music will still own music assets, including its roster of current artists and back catalog. Syco Music is still owned and managed by Sony Music Entertainment and all artists remain signed with Sony Music Entertainment. The agreement for Cowell to acquire Sony Music’s share of the joint venture will modify the ownership of all of the TV formats to a privately held company that will be called Syco Entertainment. “I won’t say this was an easy decision to make. However, sometimes you have to personally support something you are so passionate about,” Cowell said.
Both shows, “Got Talent,” launched in 2006, and “The X Factor,” launched in 2004 were created by Cowell. Many artists have developed a career as a result of the shows, such as One Direction and Susan Boyle, who was exclusively signed to Sony Music Entertainment-owned labels. “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,” Chairman of Sony Music Group, Rob Stringer said.