Simon Cowell has cashed in the big bucks from selling a share of his music company Syco to Sony Music. The X Factor boss is reported to have signed a deal with the major record label worth a staggering £86.5m ($105m).
According to accounts, Cowell, 57, was paid £52.4m in 2015 and is expected to receive a further £33.4m by 2021. Sony Music UK now own an impressive 75% stake in Syco Holdings Ltd., while Cowell retains just 20%. It is said that Topshop boss Sir Philip Green has also received a paycheck from the sale as he owned a 10% share in Syco Holdings, the company set up to receive payments.
Green, 64, is reported to now own a five percent share in Syco and also received a dividend payment from the firm to the tune of £68,049. Cowell was paid a dividend of £1.5m, the Mail Online reports.
The TV mogul first joined forces with Sony Music in 2010 and they launched the ill-fated X Factor USA soon after. In 2015, it was announced that Syco's merger with Sony had been extended by six years but the financial details have only just been revealed.
Syco boasts a large roster of popular music acts, including X Factor winners and contestants like One Direction, Little Mix, Fifth Harmony, James Arthur and Olly Murs. Previous acts include Leona Lewis, Alexandra Burke, Westlife and Cher Lloyd.
Following the latest series of ITV's X Factor, Syco has now added controversial rapper Honey G and Finnish singer Saara Aalto. Series 12 winner Matt Terry broke with tradition and instead chose to sign with RCA Records under the Sony Music umbrella.
In December 2016, it was alleged that Cowell's production company Simco had suffered a £11m drop in profits with poor record sales blamed for the loss. At the time, a Syco spokesperson said the loss had been due to a "slippage in record releases", adding: "Syco would never try to influence an artist to rush material."