Cowell And Sony Music Set To Announce Joint Venture
January 19, 2010 at 4:20 AM (PT)
SIMON COWELL is set to announce his much-anticipated deal with SONY MUSIC that will see the launch of a joint venture, reports U.K.'s THE GUARDIAN, while SIMON FULLER has reached a deal to secure 10% of future profits of "AMERICAN IDOL" for life. "Under the deal, SONY will swap 100% ownership of SYCO, the company that controls rights to acts such SUSAN BOYLE and LEONA LEWIS, for a 50% stake in the new joint venture, the FINANCIAL TIMES reported this morning."
Earlier this month COWELL made public (NET NEWS 1/12) that he will leave his position as a judge on "AMERICAN IDOL" at the end of the season to take "THE X FACTOR" to FOX-TV in the U.S.