Simon Cowell buys out Sony's stake in Syco TV production
Big news today as Simon Cowell buys out the Sony Music stake in Syco television productions.
Simon and his company Syco will now have full control over X Factor, Britain's Got Talent and any future television productions.
Simon Cowell 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.
Sony will still have a stake in the music artists produced from the show. Rob Stringer, chairman of Sony Music said. “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."
Simon created X Factor in 2004 and Got Talent two years later. In between those launches, he sold his share of Syco Music and Syco Television to Sony Music Entertainment. The two parties launched their joint venture in 2009, with a key stipulation that gave Sony’s family of labels exclusive signing rights to artists featured on the Syco TV shows.
Simon, who will transfer all TV rights to his Syco Entertainment company, said in a statement: 'I want to say a heartfelt thank you to Rob [Stringer] 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'.
Simon went on to say: "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."