X factor’s Simon Cowell will launch a new global venture with TopShop boss Sir Philip Green, it has been confirmed.

The reality TV judge has struck a deal with record giant Sony which will see their new venture controlling shows such as The X Factor and Britain’s Got Talent, as well as handling stars such as Leona Lewis and Susan Boyle.

And Simon’s friend Sir Philip will be an adviser and shareholder to an as-yet-unnamed new firm Simon is to launch which will go into partnership with Sony.

Until now, Simon’s Syco firm operated within Sony for his music and TV interests, employing a staff of 28.

But the new venture – also to be called Syco – will be a joint enterprise between Simon and Sony, and the existing assets, including SuBo, Leona and the TV franchises, will be transferred. It will be co-owned by Sony and ‘a Simon Cowell-owned company’.

News of the deal comes just days after Simon’s former colleague and media mogul Simon Fuller announced details of his new firm XIX.

Syco’s first project will be the launch of The X Factor in the US next year with Simon acting as executive producer and judge for the show.

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

The new Syco will have a powerful roster. The X Factor is already seen in 17 countries and has drawn huge audiences in the UK.

It’s …Got Talent shows are also worldwide hits, with 27 countries airing versions of the show, which is currently the UK’s most successful TV format export.