X Factor's Simon Cowell just got a whole lot richer

x-factor-simon

X Factor boss Simon Cowell is enjoying quite the start to the new year.

It's been revealed this week that the music mogul has cashed in by selling part of his Syco company to Sony Music.

Sony Music's stake in Simon's company is now at 75% and Simon will enjoy a whopping £86 million for giving away part of his share, which has been cut to 20% in total.

Simon's already received a cash pay out of £52.4 million and will get the remaining £33.4 million by 2021.

Syco has made millions for Simon over the years with TV shows such as The X Factor and Britain's Got Talent as well as music acts like One Direction and Little Mix.

ITV last year announced a new three-year deal for Britain’s Got Talent and The X Factor, which will see two of the UK’s biggest television formats continuing on Britain’s most watched commercial channel through to 2019.

The new partnership will commence with Britain’s Got Talent this spring followed by series fourteen of The X Factor in the Autumn.

Simon Cowell commented: "I want to thank ITV for continuing to be fantastic partners. I'm delighted for the shows and, in particular, for all the talented people who work on them with us.”

Kevin Lygo, ITV’s Director of Television, added: “Britain’s Got Talent and The X Factor are both big, brilliant, wonderful shows and I am delighted that they will continue to take up their place as an important part of our schedule for the next three years.

"They are defining shows for us, ones that we are very proud to have as part of our entertainment slate, and they continue year after year, for months at a time, to be amongst the most popular and hugely entertaining formats on television.”

Britain's Got Talent is expected to start on TV in April.

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