Perdita
25-06-2009, 06:13
Simon Cowell is set to quit X Factor to launch a billion-pound global TV and entertainment empire.
After five years on the hit show, the music mogul has made it clear to friends that the next series will be his last.
Cowell, 49, plans to join Topshop tycoon Sir Philip Green to create and sell TV formats across the world. One of their first targets could be ITV. An insider said: “Nothing is off limits.”
Cowell has made it clear he wants Girls Aloud singer Cheryl Cole, 25, to become the new main face of the show, whose other judges are Dannii Minogue and Louis Walsh.
His £20million golden handcuffs deal with ITV ends in December after the next X Factor run, which starts in August.
ITV bosses, aware of his pulling power, are still desperately hoping to persuade him to stay. His outrageous put-downs have helped turn the show into a ratings winner with up to 15 million viewers.
In the process he has become one of the highest paid TV stars in the world with an estimated £120million fortune.
But insiders say Cowell, who is 50 in October, is reviewing his future. Although he wants to continue doing Britain’s Got Talent, he felt something had to give.
A close friend said: “He has found X Factor increasingly draining and it leaves him little time for serious business. Now he’s decided this will be his last series and he’s moving on. In future, he will have a more overseeing role.”
Cowell is said to be excited over his link-up with Sir Philip.
Insiders say they are planning to launch a huge “one-stop” entertainment company to rival anything the big Hollywood studios can come up with.
They will also create shows, manage stars and exploit the rights to existing TV hits.
Simon has a string of big money deals coming up for renewal with ITV, Sony Music and Fox TV in America. Sir Philip, 57, worth £4billion, will help him negotiate new deals under their umb-rella company.
Insiders say the pair have agreed that “nothing is off limits” and will even look at
snapping up ITV. An industry source said: “This is a very big play by two colourful individuals.
“They are already a fearsome pair individually. Put them together and that’s a tough room.
“Simon is very ambitious and is the creative force. Sir Philip is the one who will bang the table and get the deals done.”
It is rumoured that Cowell may also quit American Idol, the cornerstone of Fox TV’s dwindling fortunes in the US.
He has been in talks with 19 Entertainment, which owns the rights to the show, about a new contract after raking in around £35million last year.
The Mirror
After five years on the hit show, the music mogul has made it clear to friends that the next series will be his last.
Cowell, 49, plans to join Topshop tycoon Sir Philip Green to create and sell TV formats across the world. One of their first targets could be ITV. An insider said: “Nothing is off limits.”
Cowell has made it clear he wants Girls Aloud singer Cheryl Cole, 25, to become the new main face of the show, whose other judges are Dannii Minogue and Louis Walsh.
His £20million golden handcuffs deal with ITV ends in December after the next X Factor run, which starts in August.
ITV bosses, aware of his pulling power, are still desperately hoping to persuade him to stay. His outrageous put-downs have helped turn the show into a ratings winner with up to 15 million viewers.
In the process he has become one of the highest paid TV stars in the world with an estimated £120million fortune.
But insiders say Cowell, who is 50 in October, is reviewing his future. Although he wants to continue doing Britain’s Got Talent, he felt something had to give.
A close friend said: “He has found X Factor increasingly draining and it leaves him little time for serious business. Now he’s decided this will be his last series and he’s moving on. In future, he will have a more overseeing role.”
Cowell is said to be excited over his link-up with Sir Philip.
Insiders say they are planning to launch a huge “one-stop” entertainment company to rival anything the big Hollywood studios can come up with.
They will also create shows, manage stars and exploit the rights to existing TV hits.
Simon has a string of big money deals coming up for renewal with ITV, Sony Music and Fox TV in America. Sir Philip, 57, worth £4billion, will help him negotiate new deals under their umb-rella company.
Insiders say the pair have agreed that “nothing is off limits” and will even look at
snapping up ITV. An industry source said: “This is a very big play by two colourful individuals.
“They are already a fearsome pair individually. Put them together and that’s a tough room.
“Simon is very ambitious and is the creative force. Sir Philip is the one who will bang the table and get the deals done.”
It is rumoured that Cowell may also quit American Idol, the cornerstone of Fox TV’s dwindling fortunes in the US.
He has been in talks with 19 Entertainment, which owns the rights to the show, about a new contract after raking in around £35million last year.
The Mirror