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Simon Cowell cashes in $42 million in Sony Music deal

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Britain's Got Talent: Simon Cowell

© ITV

Simon Cowell has made $42 million (£27 million) from the deal with Sony Music to create his entertainment joint venture.

Syco Entertainment was formed in 2010 in a deal that saw Cowell winning back from Sony a share of formats including The X Factor and the Got Talent series.

Cowell was given a 50% stake in Syco and contributed his other company Maidmetal as part of the deal, according to The Guardian. Sony also handed over two former Cowell companies, Simco and Ronagold.

Cowell had previously been forced to give the rights to the record label in 2005 after Simon Fuller claimed copyright infringement.

The joint venture between Cowell and Sony is referred to as a non-trading holding company.

Last night, Cowell's The X Factor USA crowned its first ever winner, who took home $5 million.

Cowell recently admitted that changes for the second season of the show will happen.

Watch the Top 12 contestants perform during the finale of The X Factor USA below:

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