Cowell Signs With Sony

Simon Cowell’s post-“Idol” plans have finally emerged with the announcement that the British media mogul has inked a long-term agreement with Sony Music Entertainment to produce music, television, film and digital content.

The joint venture also covers Cowell’s existing Syco television and music assets that include the record label of artists Leona Lewis, Susan Boyle and Il Divo as well as the global TV franchises “Got Talent” and “The X Factor,” which is set to launch in the U.S. in 2011.

“I have had a fantastic relationship with Sony for many years and I’m delighted we are launching this venture together,” Cowell said in a statement.

The deal is reportedly worth $500 million.