The deal involves rights to TV formats including the Got Talent brand (Image: Wikimedia Commons, Chris McKenna)Two Firms Tune In As Simon Cowell Buys Out Stake In TV Venture
Cowell is buying out Sony's 75% stake in their joint venture, which includes famous brands like Got Talent and X Factor
July 16, 2020 at 04:12 AM
2 minute read
Baker McKenzie and Rosenblatt are front of stage for a buy-out deal between media mogul Simon Cowell and Sony Entertainment, ending a long-running partnership between the two.
The deal, of an undisclosed value, sees Cowell acquire Sony's 75% stake in the joint venture, called Syco Holdings.
The venture, which will be renamed Syco Entertainment, owns the rights to a number of top reality TV formats including the 'Got Talent' franchise and The X Factor.
As part of the deal, Sony Music Entertainment will retain the music assets owned by the joint venture – known as Syco Music – with all artists remaining signed with Sony.
The Got Talent brand is one of the most popular globally, with over 70 local versions and international tape-sales in more than 180 countries, according to a release by Rosenblatt.
The X Factor too is aired in more than 130 countries globally and has catapulted a number of singers including Leona Lewis and Little Mix into stardom, the release added.
Rosenblatt CEO Ian Rosenblatt led a team advising Cowell on the deal. In a statement, Rosenblatt himself said: "The team at Rosenblatt worked their backsides off to get this deal done remotely, with meetings via Teams and Zoom, while handling all documentation electronically."
Baker McKenzie advised Sony Entertainment. London corporate partner Will Holder leading the team, which included corporate partner Emily Carlisle, IP and technology partner Michelle Blunt, employment partner Carl Richards, and tax partner duo Patrick O'Gara and Tom May.
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