X Factor Has A $5 Million Sony Music/Syco Record Deal For Winner
February 7, 2011 at 6:57 AM (PT)
SIMON COWELL, SONY MUSIC, FREMANTLEMEDIA NORTH AMERICA and FOX will award the winner of the new TV show THE X FACTOR, with a record-breaking $5 million record deal -- the largest guaranteed prize in television history -- with SYCO, a joint venture between SONY MUSIC and COWELL.
"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," said SONY CORP. Chairman/CEO/Pres. SIR HOWARD STRINGER. "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."