January 19, 2010 / 4:28 AM / 9 years ago

Sony to sign deal with Simon Cowell: report

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.

British "American Idol" judge Simon Cowell smiles during the Concert for Diana at Wembley Stadium in London in this July 1, 2007 file photo. REUTERS/Luke MacGregor/Files

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

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