Simon Cowell has walked away from his record label, Syco Music, in a staggering eight-figure deal.
The entertainment legend has agreed to separate from Sony Music Entertainment after working with the company for 11-years on shows such as the Got Talent group and The X Factor.
Syco Music has also been responsible for launching the careers of worldwide stars such as Cher Lloyd and Leona Lewis.
Most famously, the label signed global phenomenon One Direction shortly after they finished third on The X Factor – later going on to become the biggest selling boyband of all time.
Simon sold Syco Music to mega-group Sony Music in 2005 but remained a key figure in the company.
Simon has walked away from Syco Music – handing the back catalogue and artist roster to Sony Music (Image: NBCU Photo Bank/NBCUniversal via)
The split is part of a buyback which was kickstarted by Simon, who will continue to hold Sony Music’s shares in the TV partnership, which will later be managed privately as part of Syco Entertainment.
A statement from Simon read: “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 fulfil their dreams,” he said.
“We have all shared some incredible achievements, and importantly we have had lots of fun.”
Syco Music was responsible for launching Little Mix after they won The X Factor (Image: Instagram)
He added: “I won’t say this was an easy decision to make, however sometimes you have to personally support something you are so passionate about.
“I’ve always believed it’s important to take on new goals in order to drive new ideas and creativity so I’m very excited to be taking an independent and creatively-led Syco Entertainment into the future.”
Global superstars One Direction signed to Syco after finishing third on The X Factor (Image: PA)
Meanwhile, a source revealed to The Sun: “This deal is huge. Simon has had to pay a massive amount to regain control of Syco Entertainment.
“That has meant he is no longer involved in Syco Music but it’s not in great shape right now.
Louis Tomlinson recently axed ties with the label after releasing his debut solo album (Image: Getty Images)
“Leaving it now makes sense for him because he can instead focus on his Got Talent shows, as those are his money-makers now.”
Simon’s departure comes after former One Direction singer Louis Tomlinson revealed he had axed ties with the label following his debut solo album release.
The label has also seen Little Mix cut ties with the music mogul as well as Harry Styles, Zayn Malik, Niall Horan and Liam Payne opting to choose different labels rather than working with Cowell.
Source: Celebrities - dailystar.co.uk
