Simon Cowell is leaving “American Idol” after this season, but he’s certainly not leaving show business. According to “The Hollywood Reporter,” Cowell has inked a five-year joint venture with Sony. The deal will maximize the TV and music assets of “The X Factor” and “Got Talent” franchises. That includes newly-minted stars like singers Leona Lewis and Susan Boyle who were groomed to stardom through the shows. Sony will give back to Cowell 100 percent ownership of his production company — Syco — in exchange for half of the wider media and entertainment assets. Syco will continue to be based in both London and Los Angeles. In a statement, Cowell said, quote, “I have had a fantastic relationship with Sony for many years and I’m delighted we are launching this venture together.”
In related news, “The Hollywood Reporter” also reports that Cowell is recruiting judges for an American version of “X-Factor,” including former “Idol” judge Paula Abdul.
