Simon Cowell, Sony Music Extend Syco Venture by Six Years

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Simon Cowell

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.