SonyMusic has confirmed a deal with Simon Cowell that will create a joint venture including billionaire Topshop owner Sir Philip Green as a shareholder, to be the home of global franchises The X Factor and Britain’s Got Talent.

Under the deal, Sony-owned Syco assets including the rights to The X Factor and Got Talent as the well as artists Leona Lewis and Susan Boyle will transfer to the new venture. The venture, which will keep the name Syco, will be co-owned by Sony Music and an as yet unnamed Simon Cowell-owned company.

Green, who was frozen out of negotiations with Sony despite being an adviser to Cowell, will be a shareholder in Cowell’s new company.

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

Sony said that the new business would be a “new long-term global venture to focus on the production and exploitation of music, television, film and digital content”.