Simon Cowell is personally buying out Sony Music Entertainment’s share in their joint business venture after 15 years, giving him full control over the ‘The X Factor’ and ‘Got Talent’ franchises.
It is interesting to know that the ‘Got Talent’ franchise is produced in 76 territories, while the ‘The X Factor’ airs in more than 130 territories around the globe.
While Simon will hold TV rights, Sony Music will continue to fully own the rights to the JV’s music assets, including their current artists and back catalogue, which include One Direction, Susan Boyle, Leona Lewis, and Little Mix.
The Covid-19 lockdown has been a struggle for many around the world, but it has also been a time for people to readjust their lives and visions of their future.
Simon Cowell recently told Deadline how he has used his time, “I have had to use my brain more than any other time of my life both on the current shows we own and the new shows we are going to make,” Simon said.
“I have had more time than I’ve ever had before so we have, for instance, three new formats which we didn’t have 12 months ago because I’ve had the time to work on them, develop them properly and the last time I did that or had the time to do it, honestly was around 2005 – which was about the time I came up with Got Talent. I’m very excited,” Simon added.
Simon 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. It’s been a unique partnership and Sony have 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,” Simon added.
Simon went on to say that they have all shared amazing achievements and had fun doing it. His decision wasn’t an easy one to make but he felt that if one is passionate about something they have to personally support it.
“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,” Simon concluded.
Rob Stringer, the chairman of Sony Music Group stated that it was ‘simply the right thing’ for Simon to take control of the TV assets and go in his own direction. “We are proud to continue to represent the Syco music catalogue and its artists,” Rob 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,” Rob added.
“On a personal note, it has been an amazing adventure working with him as we have shared so many exciting pop culture moments as friends and partners,” Rob concluded.
We can look forward to what Simon Cowell has in store for us as he has been bringing out the best of talent for years now and we can be sure that he will bring out more with his new control over his TV productions. We can anticipate more of the ‘The X Factor’, ‘Got Talent’, and the three new formats Simon has been working on.