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'X Factor' U.S. Boosts Earnings at TV Arm of Simon Cowell, Sony TV Venture

'X Factor' U.S. Boosts Earnings at TV Arm of Simon Cowell, Sony TV Venture'X Factor' U.S. Boosts Earnings at TV Arm of Simon Cowell, Sony TV Venture

Pre-tax earnings for the TV production business of Syco Entertainment, the joint venture of Simon Cowell and Sony that produces The X Factor and Got Talent formats, more than doubled for the fiscal year ended March 2012.

Its profit rose 138 percent to $53 million (£32.6 million) thanks to the launch of The X Factor in the U.S., the Guardian reported, citing a financial filing it obtained.

Revenue nearly doubled to $88 million (£54.6 million) for the fiscal year, with U.S. revenue jumping from $5 million (£3.2 million) to $37 million (£22.9 million). That meant that U.S. revenue accounted for 42 percent of Simco's total revenue, up from only around 11 percent in the previous year.

Syco Entertainment was formed in 2010 in a deal that got Cowell back a stake in TV formats from Sony. He had been forced to hand the rights over after Simon Fuller, the music guru behind reality TV hit format Idol, had brought a copyright infringement claim.

Email: Georg.Szalai@thr.com
Twitter: @georgszalai