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The Mirror broke the story yesterday that Simon Cowell plans to quit X Factor in order to launch a billion-pound television and entertainment empire.  Apparently Cowell has told friends that the upcoming season of the show will be his last.  Cowell’s presence on the show as a judge will come to an end after five years when he joins Topshop executive Sir Phillip Green to orchestrate and sell TV formats worldwide, with ITV in their sights as a potential first client.

Cowell’s X Factor contract with ITV ends in December along with the season of the show, though according to the Mirror ITV doesn’t want to be without Cowell’s notoriously candid personality.  The network is well aware that the judge’s putdowns and general churlishness attracts many of the show’s 15 million viewers (which is part of the reason he’s currently one of the highest paid TV stars in the world).
An inside source told the Mirror, “He has found X Factor increasingly draining and it leaves him little time for serious business. Now he’s decided this will be his last series and he’s moving on. In the future, he will have a more overseeing role.”

Rumor has it that Cowell and Green are plotting to create a huge “one-stop” entertainment company to rival Hollywood studios – they plan to create shows, manage stars, and exploit rights to existing TV shows. Green will also help Simon with the impending negotiations and renewals of multiple business dealings with ITV, Sony music and American network FOX under their new company.

The source added: “This is a very big play by two colorful individuals. They are already a fearsome pair individually. Put them together and that’s a tough room. Simon is very ambitious and is the creative force. Sir Phillip is the one who will bang the table and get the deals done.”
It has also been said that Simon Cowell will no longer appear on American Idol, FOX TV’s most lucrative project. However, Cowell is still in talks with the company which retains the show’s rights, 19 Entertainment.