Simon Cowell leaves his Syco record label to focus on new TV ventures
Simon Cowell has been in the music industry for 40 years, setting up Syco Music as part of his Syco Entertainment empire in 2002.
Simon confirmed to The Sun newspaper he will no longer be involved with Syco Music, which is the recording side of Syco who over the years have signed big selling artists such as Leona Lewis, Susan Boyle, One Direction, James Arthur, Camila Cabello, Il Divo and Little Mix.
In recent years it has struggled to promote recent X Factor stars which had always been it's bread and butter.
Simon will now focus on the television side of Syco, which has produced huge shows such as X Factor and the global Got Talent.
Simon has bought out Sony Music Entertainment's share in their joint business venture after 15 years, giving him full control of his TV talent shows.
Simon said: "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 fulfil their dreams," he said. "We have all shared some incredible achievements, and importantly we have had lots of fun."
He added, "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."
Although this feels like the end of an era. We hope Simon goes on to make incredible new television shows.
The Official announcement:
Television personality and music mogul Simon Cowell will buy Sony Music Entertainment's stake in their joint venture, Syco, which is home to hit talent shows like "Got Talent" and "The X Factor", the music conglomerate said on Wednesday.
The rights to the television formats will be transferred to a new company, Syco Entertainment, and will be held by Cowell.
Sony Music said it will, however, retain music assets that include show alumni like One Direction and Camila Cabello.
The partnership that lasted more than a decade, expanded the "Got Talent" brand to 76 local versions across the world with "The X Factor" airing in more than 130 territories.