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Television personality and music mogul Simon Cowell will buy Sony Music Entertainment’s stake in their joint venture, Syco, which is home to hit talent shows like “Got Talent” and “The X Factor”, the music conglomerate said on Wednesday.
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The rights to the television formats will be transferred to a new company, Syco Entertainment, and will be held by Cowell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SNE | SONY CORPORATION | 76.83 | +2.31 | +3.10% |
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Sony Music said it will, however, retain music assets that include show alumni like One Direction, Camila Cabello and Susan Boyle.
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The partnership that lasted more than a decade, expanded the “Got Talent” brand to 76 local versions across the world with “The X Factor” airing in more than 130 territories.
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Cowell became a household name as a judge on “American Idol” with his harsh criticism of the singers auditioning for the show and was dubbed “Mr Nasty”.
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