Sony, Cowell strike deal

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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.

"I have had a fantastic relationship with Sony for many years and I'm delighted we are launching this venture together," Cowell said in a statement.

Syco's television and music holdings, which include "The X Factor" and "Got Talent" global TV franchises as well as recording artists Il Divo, Leona Lewis and Susan Boylem, will now be co-owned by Sony Music and Cowell.

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.

The agreement comes a week after Cowell announced this would be his last season as a judge on "American Idol," and that he would be focusing his energy on the creation of the American version of the British hit musical competition “X Factor,” which is expected to debut on Fox in 2011.