Simon Cowell Buys out Sony Music Entertainments Share of Syco
Simon Cowell’s entertainment empire just got bigger. The America’s Got Talent and X Factor producer has bought out Sony Music Entertainment’s 75% share in their joint venture Syco Holdings. Syco Holdings, to be renamed Syco Entertainment, keeps ownership of all the company’s television formats.
Sony Music Entertainment will hold on to the music properties from the joint venture, under the Syco Music banner, and all artists will remain signed with Sony Music Entertainment. Assets include artists such as One Direction, Camila Cabello, Leona Lewis, Little Mix, Grace VanderWaal and Susan Boyle.
It appears that Simon intends to concentrate on producing television shows, while leaving the music production to others. He’s been more successful at producing television in the past few years. It makes sense that he’s letting that portion of his business go. Now, Louis Tomlinson leaving Syco makes more sense.
Simon said in a statement: “We have all shared some incredible achievements, and importantly we have had lots of fun. 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.”
Simon Cowell maintained a buyback option
The deal came about via a buyback option maintained by Simon through their joint-venture renewal agreements across a 15-year partnership.
Rob Stringer, chairman, Sony Music Group, said: “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.”
“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 catalog and its artists.”
“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.”