Earlier in the week, it was reported that Louis Tomlinson would be leaving his record label, Syco Records. Now, it has been announced that entertainment mogul, Simon Cowell will also be leaving to focus on the TV side of the Sony family.
Cowell, best known for creating the X Factor in 2004 and Got Talent in 2006, sold his share of Syco Music and Syco Television to Sony Music Entertainment but stayed involved until now. In a statement, Simon spoke about the decision, saying; “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.”
He added: “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.”
Syco Records has previously represented huge acts like Little Mix, One Direction and Leona Lewis, who have all left since, some even saying how they felt they were being held back by the label. Following their split in 2015, Louis Tomlinson was the only One Direction member who signed back up to the label.
An insider has spoken to The Sun about the news saying; “This deal is huge. Simon has had to pay a massive amount to regain control of Syco Entertainment. That has meant he is no longer involved in Syco Music but it’s not in great shape right now. Leaving it now makes sense for him because he can instead focus on his Got Talent shows, as those are his money-makers now.”