Simon Cowell and Sir Philip to launch Disney rival

Simon Cowell and Sir Philip Green are apparently joining forces to set up a 'multi-billion dollar' international entertainment company to rival Disney.

The Sun reports that media mogul Simon and retail magnate Philip want to create a TV production, talent management and merchandising company based in Los Angeles and London.

It's believed that The X Factor judge Simon will present and produce the shows made by the company, while Topshop owner Philip will oversee finance and strategy and the firm's merchandising arm.

The new venture - which would work closely with Simon's existing TV production company, Syco - would see both businessmen own all the rights and content of Simon's hit shows including The X Factor and Britain's Got Talent.

The pair have been pals for 10 years.

Simon is said to be '100 per cent committed' to the new deal, although the company has not formally been created yet.

A source close to Philip, who is the UK's ninth richest person, worth an estimated £3.8 billion, said: "He's been working on this throughout the night in recent weeks, speaking to people in LA on the phone constantly, and smoking 40 a night.

"This is going to be a multi-billion dollar international business. This isn't some hobby venture on the side."