Sony Music has confirmed a deal with Simon Cowell that will create a joint venture that will include billionaire Topshop owner Sir Philip Green as a shareholder, to be the home of global franchises The X Factor and Britain’s Got Talent.

Under the deal, Sony-owned Syco assets including the rights to The X Factor and Got Talent as the well as artists Leona Lewis and Susan Boyle will transfer to the new venture. The venture, which will keep the name Syco, will be co-owned by Sony Music and an as yet unnamed Simon Cowell-owned company.

Green, who was frozen out of negotiations with Sony despite being an adviser to Cowell, will be a shareholder in Cowell’s new company.
“I have had a fantastic relationship with Sony for many years and I’m delighted we are launching this venture together,” said Cowell.
Sony said that the new business would be a “new long-term global venture to focus on the production and exploitation of music, television, film and digital content”.

The first project for the new Syco will be the launch of a US version of The X Factor, which will debut on Rupert Murdoch’s Fox in the autumn of 2011. Cowell will serve as executive producer and judge on the US version. A range of candidates, including X Factor UK judge Cheryl Cole and former American Idol judge Paula Abdul, have been mentioned as possible judges.
The X Factor airs in 17 countries, while the Got Talent franchise is broadcast in 27.
“This new venture will allow Sony Music and all Sony divisions to develop and pursue a host of new opportunities with this supremely talented individual,” said Sir Howard Stringer, chairman and chief executive of Sony Corporation.