Simon Cowell to Launch Entertainment Company

LONDON -- Simon Cowell is to partner with U.K. retail magnate Sir Philip Green on a global entertainment company that will produce and own TV content in the U.S. and Britain, according to the Financial Times.

The venture, which does not yet have a name, will have Green's backing as a holding company for Cowell's entertainment interests, as well as a launch pad for new programming. It would also provide Green with merchandising opportunities.

The FT reports that a new Cowell contract for Fox's "American Idol" -- the current contract expires in May -- will likely be struck through the new company. The rights to the show are owned by 19 Entertainment.

It also states that Cowell's long-term deal with Sony Music comes to an end next year, adding that a source says he is keen to agree new deals with all of his broadcasting and music partners.

– Nielsen Business Media