Simon Cowell has bought Sony's stake in Syco Music Entertainment.
The music mogul now owns the 'Got Talent' and 'X Factor' brands outright after he reached a mutual deal to buy Sony Music's shares in his company, which he has now rebranded Syco Entertainment.
He said in a statement: "I want to say a heartfelt thank you to Rob and all of the Sony Music executives, artists and partners all over the world. It's been a unique partnership and Sony have always backed and supported me to create television formats. The shows we created have found so many amazing artists over the years and so many of the various Sony labels all over the world have enabled so many of those artists to fulfil their dreams. We have all shared some incredible achievements, and importantly we have had lots of fun. I won't say this was an easy decision to make, however sometimes you have to personally support something you are so passionate about. I've always believed it's important to take on new goals in order to drive new ideas and creativity so I'm very excited to be taking an independent and creatively-led Syco Entertainment into the future."
In the 2000s, Sony Music Entertainment bought Simon's share of Syco Music and Syco Television. Whilst a few years later, Simon and Sony set out on a new venture, which led to them owning the 'Got Talent' and 'X Factor' brands, with all the artists to come from these shows exclusively signing to one of the record labels under the Sony Music Entertainment brand.
Sony Music Group chairman, Rob Stringer, said: "At this particular contractual crossroads, it was simply the right thing for Simon to take control of his TV assets and propel his company in a new direction. Sony Music has had incredible global success with so many artists that have been launched through Simon's vision and innovation and we are proud to continue to represent the Syco music catalogue and its artists. On a personal note, it has been an amazing adventure working with him as we have shared so many exciting pop culture moments as friends and partners."
Syco Music is still owned and managed by Sony Music Entertainment and all its artists continued to be signed with Sony Music Entertainment.