The X Factor U.S. to Offer $5 Million Sony Music/Syco Record Deal

LOS ANGELES: Simon Cowell, Sony Music, FremantleMedia North America and FOX have lined up a record-breaking $5 million record deal for the winner of the highly anticipated singing competition The X Factor in the U.S.

This marks the largest guaranteed prize in TV history. The recording contract is with Syco, a joint venture between Sony Music and Cowell.

The X Factor is a talent search for those over the age of 12, with no upper age limit. The auditions for the inaugural U.S. season start March 27 in Los Angeles, before moving on to Chicago, Dallas, Miami, New York/New Jersey and Seattle. In the coming weeks, The X Factor host and judges panel will be unveiled.

"I like the idea that a 12-year-old on this show can compete with an older singer and a singing group," said Cowell. "I’ve never believed there should be a cut-off age for talent, and we are going to put our money where our mouths are with the $5 million recording contract. I’m doing this show in America because I genuinely believe we can find a superstar."

"I have always been proud of the achievements of The X Factor worldwide, and am looking forward to its American launch," commented Sir Howard Stringer, the chairman, CEO and president of Sony Corporation. "I have no doubt The X Factor will find winners worthy of international acclaim and career longevity, and believe with Sony’s worldwide effort, the winners’ potential can be unlimited."

"The X Factor has become a worldwide phenomenon and is unlike anything we’ve seen in America," added Mike Darnell, the president of alternative entertainment at Fox Broadcasting Company. "The British version is wildly entertaining, but also has a penchant for stirring up controversy. You never know what Simon has up his sleeve, and since he will be working both behind and in front of the camera, the country should brace itself to expect the unexpected."

"Since its U.K. debut in 2004, The X Factor has proven itself a global success story in numerous territories worldwide," noted executive producer Cecile Frot-Coutaz, CEO of FremantleMedia North America. "Now, as we bring this widely popular format to U.S. audiences, I look forward to building a new franchise for a new decade with the return of the inimitable Simon Cowell."