Simon Cowell sells off part of Syco entertainment empire for £86m
The music mogul, 57, has signed a new deal giving Sony a share in Syco, which owns the rights to the hugely lucrative X Factor and Britain’s Got Talent brands.
Simon Cowell has sold a stake in his entertainment empire for a staggering £86 million in a deal that means a windfall for his friend Sir Philip Green, it can be revealed.
The music mogul, 57, has signed a new deal giving Sony a share in Syco, which owns the rights to the hugely lucrative X Factor and Britain’s Got Talent brands, as well as a number of successful recording artists.
Sony paid £52.4m in cash in 2015 and will pay a further £33.4 by 2021, newly released accounts show.
It is understood Cowell has received an incredible £45 million from the initial payment. His friend and business associate, the shamed retail tycoon Sir Philip Green, has also received a cut as he was a 10 per shareholder in Syco Holdings, the firm set up to receive the investments.
Other documents show the two men also received lucrative dividend payments from Syco Holdings: Cowell, 57, was paid £1.5m while Sir Philip – under fire for his role in the collapse of BHS - received £68,049.
Cowell – who has launched the careers of some of the world’s most successful pop stars – is already worth an estimated £340 million, according to the Sunday Times Rich List.
But the deal means he now only has a 20 per cent stake in the entertainment firm he set up in 2002.