LONDON (Reuters) - Sony Corp’s Sony Music Entertainment will announce a five-year deal with British show business entrepreneur Simon Cowell on Tuesday, the Financial Times reported.
Sony Music will exchange its 100 percent ownership of Cowell’s record label Syco for a 50 percent share of a broader venture with Cowell, the paper said, citing a source close to the negotiations.
Cowell said earlier this month he was quitting as a judge on America’s top-rated TV singing contest “American Idol” to launch his own singing contest next year.
Syco owns the rights to a number of Cowell’s talent show discoveries, including British singers Leona Lewis and Susan Boyle.
The new venture will produce a range of music, television, film and digital content, often with other Sony divisions, the Financial Times added.
Reporting by Tim Castle; Editing by Lincoln Feast