{"id":7750,"date":"2020-07-15T11:05:24","date_gmt":"2020-07-15T15:05:24","guid":{"rendered":"https:\/\/dev2.worldscreen.com\/tvformats\/simon-cowell-buys-sonys-stake-jv\/"},"modified":"2020-07-15T11:12:34","modified_gmt":"2020-07-15T15:12:34","slug":"simon-cowell-buys-out-sonys-stake-in-jv","status":"publish","type":"post","link":"https:\/\/worldscreen.com\/tvformats\/simon-cowell-buys-out-sonys-stake-in-jv\/","title":{"rendered":"Simon Cowell Buys Out Sony’s Stake in JV"},"content":{"rendered":"

Simon Cowell is to acquire Sony Music Entertainment\u2019s stake in their global joint-venture talent and production company, which owns the Got Talent<\/em> and The X Factor<\/em> formats.<\/p>\n

The agreement for Cowell to personally acquire Sony Music\u2019s share of the JV will transfer ownership of all of the television formats to a privately held company to be called Syco Entertainment. Cowell will have sole ownership of this independent entertainment company.<\/p>\n

The buy-out is the result of a buyback option maintained by Cowell through their joint-venture renewals and a mutual negotiation process. As part of the agreement, Sony Music will retain the JV\u2019s music assets, including its roster of current artists and back catalog.<\/p>\n

Cowell said: \u201cI want to say a heartfelt thank you to Rob and all of the Sony Music executives, artists and partners all over the world. It\u2019s 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. We have all shared some incredible achievements, and importantly we have had lots of fun. I won\u2019t say this was an easy decision to make, however, sometimes you have to personally support something you are so passionate about. I\u2019ve always believed it\u2019s important to take on new goals in order to drive new ideas and creativity so I\u2019m very excited to be taking an independent and creatively-led Syco Entertainment into the future.\u201d<\/p>\n

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Rob Stringer, chairman of Sony Music Group, said: \u201cAt 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\u2019s 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.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Simon Cowell is to acquire Sony Music Entertainment\u2019s stake in their global joint-venture talent and production company, which owns the Got Talent and The X Factor formats.<\/p>\n","protected":false},"author":350,"featured_media":7751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":0,"footnotes":""},"categories":[69],"tags":[491,2122,856],"class_list":["post-7750","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-top-stories","tag-simon-cowell","tag-sony-music-entertainment","tag-syco-entertainment","pmpro-has-access"],"yoast_head":"\nSimon Cowell Buys Out Sony's Stake in JV - TVFORMATS<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/worldscreen.com\/tvformats\/simon-cowell-buys-out-sonys-stake-in-jv\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Simon Cowell Buys Out Sony's Stake in JV - 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