Simon Cowell has left his Syco record label to focus on his TV projects.
The news follows the exits of acts including Little Mix and Louis Tomlinson from Syco Music.
The Sun newspaper reports that Simon has agreed a “eight-figure deal” which will see him depart his label while taking full control of his TV production company, Syco Entertainment, which owns the X Factor and Got Talent formats.
“This deal is huge. Simon has had to pay a massive amount to regain control of Syco Entertainment,” a source said. “That has meant he is no longer involved in Syco Music but it’s not in great shape right now.
“Leaving it now makes sense for him because he can instead focus on his Got Talent shows, as those are his money-makers now.”
A spokesperson said (via the Daily Mirror newspaper): “Simon Cowell and Sony Music Entertainment (“SME”) have reached an agreement for Cowell to acquire SME’s stake in their global joint venture talent and production company, which owns Got Talent and The X Factor.”
They added: “Sony Music Entertainment wholly retains Syco Music and Simon Cowell is acquiring SME’s stake in their global JV.
“Previously winning artists in the TV formats went to Sony’s Syco Music label but now there is no exclusivity and Simon Cowell can take them to any label in the future.”
Simon will be back on screen soon with the Britain’s Got Talent live shows which have been postponed due to the ongoing pandemic.
Meanwhile, The X Factor has been rested this year with details on the next series to be confirmed.