Simon Fuller to launch new company
'American Idol' creator to keep working on hit showsNEW YORK -- Simon Fuller, founder of 19 Entertainment, and 19's parent company CKX have agreed to a long-term deal to keep the "American Idol" creator and executive producer involved in the firm's key shows, while freeing him up to launch a new entertainment company.
The deal includes a provision that gives Fuller a share of profits.
In addition, Fuller is launching a new company, in which CKX can invest, and Fuller will provide general consulting services to CKX.
The two parties didn't immediately disclose further details.
The news follows recent industry rumors focused on a possible change in Fuller's status or title.
The deal keeps Fuller in place as executive producer and driver behind hit shows like "Idol" and "So You Think You Can Dance" and new online led property "If I Can Dream."
"As an entrepreneur I feel I am about to enter my prime years and starting a new entertainment company at this moment fills me with great excitement," said Fuller.
"This new arrangement guarantees that Simon and CKX will be working together for many, many years to come," said Robert F.X. Sillerman, chairman and CEO of CKX. "I'm also delighted that going forward Simon will be free to focus his creative energy on developing new ideas and projects and that CKX has the opportunity to invest in his new business."
The 19 founder sold his firm to CKX in 2005. It creates a vast majority of CKX's revenue.