'X Factor' U.S. Boosts Earnings at TV Arm of Simon Cowell, Sony Venture
Revenue for the TV production business of Syco Entertainment also nearly doubled for the latest fiscal year.
Pre-tax earnings for the TV production business of Syco Entertainment, the joint venture of Simon Cowell and Sony that produces The X Factor and Got Talent formats, more than doubled for the fiscal year ended March 2012.
Its profit rose 138 percent to $53 million (£32.6 million) thanks to the launch of The X Factor in the U.S., the Guardian reported, citing a financial filing it obtained.
Revenue nearly doubled to $88 million (£54.6 million) for the fiscal year, with U.S. revenue jumping from $5 million (£3.2 million) to $37 million (£22.9 million). That meant that U.S. revenue accounted for 42 percent of Simco's total revenue, up from only around 11 percent in the previous year.
Syco Entertainment was formed in 2010 in a deal that got Cowell back a stake in TV formats from Sony. He had been forced to hand the rights over after Simon Fuller, the music guru behind reality TV hit format Idol, had brought a copyright infringement claim.