Simon Cowell has put his money where his mouth is after buying Sony Music Entertainment's stake in Britain's Got Talent and The X Factor.
The Press Association reports that the deal will see Cowell - a judge on both shows - own all the international versions of Got Talent and The X Factor through his company, Syco Entertainment. Cowell's company already produces both shows and he exercised his option to buy Sony Music Entertainment out of the joint venture.
He said the shows had "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".
He continued: "We have all shared some incredible achievements, and importantly we have had lots of fun.
"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."
Rob Stringer, Sony Music Group's Chairman, said: "At this particular contractual crossroads, it was simply the right thing for Simon to take control of his TV assets and propel his company in a new direction.
"Sony Music has had incredible global success with so many artists that have been launched through Simon's vision and innovation and we are proud to continue to represent the Syco music catalogue and its artists.
"On a personal note, it has been an amazing venture working with him as we have shared so many exciting pop culture moments as friends and partners."
