Sony to sign deal with Simon Cowell
Wednesday, 20 January 2010
LONDON, Jan 19 (Reuters): Sony Music Entertainment will announce a five-year deal with British show business entrepreneur Simon Cowell Tuesday, the Financial Times reported.
Sony Music will exchange its 100 per cent ownership of Cowell's record label Syco for a 50 per cent share of a broader venture with Cowell, the paper said, citing a source close to the negotiations.
Cowell said earlier this month he was quitting as a judge on America's top-rated TV singing contest "American Idol" to launch his own singing contest next year.
Syco owns the rights to a number of Cowell's talent show discoveries, including British singers Leona Lewis and Susan Boyle.
The new venture will produce a range of music, television, film and digital content, often with other Sony divisions, the Financial Times added.
Sony Music will exchange its 100 per cent ownership of Cowell's record label Syco for a 50 per cent share of a broader venture with Cowell, the paper said, citing a source close to the negotiations.
Cowell said earlier this month he was quitting as a judge on America's top-rated TV singing contest "American Idol" to launch his own singing contest next year.
Syco owns the rights to a number of Cowell's talent show discoveries, including British singers Leona Lewis and Susan Boyle.
The new venture will produce a range of music, television, film and digital content, often with other Sony divisions, the Financial Times added.