Simon Cowell, Sony Music Extend Syco Venture by Six Years
The news was announced Monday at the Music Industry Trusts Award gala in London.
Simon Cowell and Sony Music Entertainment have reached a deal that will extend their Syco Entertainment joint venture by six years.
The music mogul and X Factor creator announced the renewal late Monday during the Music Industry Trusts Award gala in London. The 24th edition of the gala honored him.
"I'm happy to announce that we have just [struck] a six-year new deal," Cowell said. He thanked Sony Music boss Doug Morris and his team.
A Sony rep confirmed the deal but declined to provide further comment.
Syco Entertainment is 50 percent owned by Sony and 50 percent by Cowell. It produces the X Factor and Got Talent formats, among other things. Its music artists include One Direction, Leona Lewis, Labrinth, Olly Murs and others.