January 19th, 2010
02:05 PM ET
Simon Cowell and Sony Music agreed to a five-year joint venture Tuesday in which they will share the assets of Syco, the London-based entertainment company established by Cowell in 2002 and previously owned entirely by Sony.
Under the terms of the new deal, Sony will swap its 100 percent ownership of Syco for a 50 percent share in a wider media and entertainment vehicle, which will also count British retail magnate Phillip Green as a shareholder and adviser to Cowell, according to The Hollywood Reporter.
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